Agenda - Council - 11/22/2022 - Laserfiche WebLink

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CC Regular Session 5. 12. Meeting Date: 11/22/2022 By: Sean Sullivan, Community Development Information Title: Adopt Resolution #22-266 Approving Minnesota Laws, 2021 1st Special Session Chapter 14, Article 9, Section 10 Purpose/Background: The purpose of this case is to consider City approval of Special legislation extending the five-year period for TIF District 14 (COR) as follows: • The requirement of Minnesota Statutes, section 469.1763, subdivision 3, that activities must be undertaken within a five-year period from the date of certification of a tax increment financing district, is extended by a two-year period to November 28, 2023, for Tax Increment Financing District No. 14 administered by the City of Ramsey. • The requirements of Minnesota Statutes, section 469.1763, subdivision 4, relating to the use of increment after the expiration of the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is extended to the 13th year for Tax Increment Financing District No. 14. Approval of this Special legislation will keep the City in compliance for TIF eligible expenditures incurred in 2021-2022 and allow for the City to incur additional TIF expenses that can be reimbursed up until November 23, 2023. Upcoming costs that could be charged to TIF 14 include COR analysis and other infrastructure projects in the boundaries of TIF 14. Notification: N/A Time Frame/Observations/Alternatives: The City is required by Minnesota Statutes, section 645.021, subdivisions 2 and 3 to formally approve the Special Legislation via resolution. Alternatives: 1) Motion to adopt Resolution #22-266 Approving Minnesota Laws, 2021 1st Special Session Chapter 14, Article 9, Section 10 (as presented). 2) Motion to adopt Resolution #22-266 Approving Minnesota Laws, 2021 1st Special Session Chapter 14, Article 9, Section 10 (with changes). 3) Something else. Funding Source: Costs associated with the ding of the attached Resolution #22-266 can be funded through TIF 14 (9214.6315). Recommendation: Staff recommends adoption of Resolution #22-266 Approving Minnesota Laws, 2021 1st Special Session Chapter 14, Article 9, Section 10. Outcome/Action: