Resolution - #21-241 - 08/24/2021

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Councilmember Riley introduced the following resolution and moved its adoption: RESOLUTION #21-241 RESOLUTION APPROVING THE MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 18: OPPIDAN INDUSTRIAL WITHIN DEVELOPMENT DISTRICT NO. 1 AND APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR; AND AUTHORIZING AN INTERFUND LOAN A. WHEREAS, it has been proposed that the City of Ramsey, Minnesota (the "City") (1) modify the Development Program for Development District No. 1 (the "Development District"); (2) establish Tax Increment Financing District No. 18 (Oppidan Industrial), an economic development district therein (the "TIF District"); (3) approve and adopt the proposed Tax Increment Financing Plan therefor under the provisions of Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "Act"); and (4) authorize an Interfund Loan (hereinafter defined); and B. WHEREAS, the City Council has investigated the facts and has caused to be prepared the Modification to the Development Program for the Development District (the "Development Program Modification"), and has caused to be prepared a proposed tax increment financing plan for the TIF District therein (the "TIF Plan"); and C. WHEREAS, the City has performed all actions required by law to be performed prior to the approval of the modification of the Development District and the establishment of the TIF District therein, and the adoption of the Development Program Modification and TIF Plan therefor, including, but not limited to, notification of Anoka County and Independent School District No. 11 having taxing jurisdiction over the property to be included in the TIF District and the holding of a public hearing upon published and mailed notice as required by law. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Ramsey follows: Development District. The City is not modifying the boundaries of the Development District. Development Program Modification. The Modification to the Development Program for Development District No. 1, a copy of which is on file in the office of the City Administrator, is adopted. Tax Increment Financing District No. 18: Oppidan Industrial. There is hereby established in the City within the Development District, Tax Increment District No. 18 (Oppidan Industrial), an economic development tax increment financing district, the initial boundaries of which are fixed and determined as described in the TIF Plan. Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing plan for the TIF District, and the City Council makes the following findings: