Agenda - Council - 10/14/2025 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved its adoption: RESOLUTION #25-240 RESOLUTION APPROVING THE MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 19 (ZERO ZONE): WITHIN DEVELOPMENT DISTRICT NO. 1 AND APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR; APPROVING A DEVELOPMENT AGREEMENT AND BUSINESS SUBSIDY; 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. 19 (Zero Zone), 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"); (4) authorize an Interfund Loan (hereinafter defined); and (5) approve a development agreement and business subsidy; 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; and D. WHEREAS, Zero Zone Refrigeration, LLC (the "Developer") has requested the City assist with the financing of certain costs incurred in connection with the approximately 55,000 square foot expansion of the Developer's existing facility for the manufacturing of commercial and industrial refrigeration systems (the "Project") located in the TIF District (the "Project"); and E. WHEREAS, the Developer and the City have determined to enter into a Development Agreement providing for the City's financial assistance for the Project (the "Development Agreement"); and F. WHEREAS, the financial assistance provided under the Development Agreement is a business subsidy (the "Business Subsidy") pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsides Act"). NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Ramsey follows: