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CASE #3 <br /> <br />REQUEST FOR TAX INCREMENT FINANCING (TIF) PARTICIPATION; <br />CASE OF DONALD GREENBERG <br /> By: Mark S. Banwart, Community Development Director <br /> <br />Background/Observations: <br /> <br />On May 1, 1990, the City of Ramsey received application for requesting Tax Increment <br />Financing participation for a proposed 60,032 square foot office/warehouse building. The <br />tentative leasee of this building is Parabody, Inc. The estimated project value will be <br />$1,200,000.00 with a request of $117,415.00 in Tax Increment Financing assistance. The <br />proposed project will be located on Lot 2, Block I of the proposed Gateway North <br />Industrial Park Plat Four Addition. In anticipation of the City's participation in Tax <br />Increment Financing for the proposed project, the City has initiated correspondence to the <br />City's Bond Counsel, Holmes & Graven and Springsted,requesting the procedure and <br />feasibility of such a Tax Increment -Financing project. For your information the following <br />item is enclosed: <br /> <br />A) Application for Tax Increment Financing from Dennis L. Sharp (Received May <br /> 1, 1990) <br /> <br />Staff Recommendations: <br /> <br />Staff recommends that the Economic Development Commission, Planning and Zoning <br />Commission and City Council consider Tax Increment Financing participation for the <br />above stated project. It is staff's understanding that due to the fast-track nature of <br />implementing this project, site preparation may need to be excluded from the proposed Tax <br />Increment Financing project due to the fact that statutorily a TIF project must be a City <br />project. Due to the required time frame to implement a City project, scheduling of site <br />preparation may delay construction of the proposed project. <br /> <br />Economic Development Commission Action: <br /> <br />Motion to recommend/not recommend City Council to participate with Tax Increment <br />Financing of the proposed Tax Increment Financing project to be located on Lot 2, Block 1 <br />of the proposed Gateway North Indusu-ial Park Plat Four Addition. <br /> <br />Planning and Zoning Commission Action: <br /> <br />Motion to recommend/not recommend City Council to participate with Tax Increment <br />Financing of the proposed Tax Increment Financing project to be located onLot 2, Block 1 <br />of the proposed Gateway North Industrial Park Plat Four Addition. <br /> <br />Review Checklist: <br /> <br />City Administrator <br />City Attorney <br />City Engineer <br />Community Development Director <br />Public Works Supervisor <br /> <br />X <br /> <br />Chief of Police <br />Finance Officer <br />Planning & Zoning Commission X <br />Economic Develop. Commission X <br />Project Manager X <br /> <br />/jmt <br /> <br /> <br />