Agenda - Council - 06/13/2023 - Laserfiche WebLink

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CC Regular Session 5.14. Meeting Date: 06/ 13/2023 By: Sean Sullivan, Community Development Information Title: Adopt Resolution #23-127 Approving Minnesota Laws, 2023 Regular Session Chapter 64, Article 8, 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 an additional three-year period from November 28, 2023 to November 28, 2026, 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 from the 13th year to the 16th 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 2021-2023 and allow for the City to incur additional TIF expenses that can be reimbursed up until November 28, 2026. Upcoming costs that could be charged to TIF 14 include: infrastructure projects within the boundary of TIF 14 (Ferret Street Extension, Zeolite St, W. Ramsey Pkwy, Center St, Veteran's Drive and the provision of assistance to future projects). 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 #23-127 Approving Minnesota Laws, 2023 Regular Session Chapter 64, Article 8, Section 10 (as presented). 2) Motion to adopt Resolution #23-127 Approving Minnesota Laws, 2023 Regular Session Chapter 64, Article 8, Section 10 (with changes). 3) Something else. Funding Source: Costs associated with the filing of the attached Resolution #23-127 can be funded through TIF 14 (9214.6315). Recommendation: Staff recommends adoption of Resolution #23-127 Approving Minnesota Laws, 2023 Regular Session Chapter 64, Article 8, Section 10 (as presented).