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POLICY FOR THE REIMBURSEMENT OF CITY FUNDS WITH LAND PROCEEDS AND <br />TAX INCREMENT FOR TIF AREA #14 (COR) AMENDED <br />SECTION I: PURPOSE <br />• To reimburse city for initial land purchase of the COR area in 2009 <br />• To reimburse city for two internal loans that were established to <br />purchase land — Water Fund and Sewer Fund. Initial principal of each <br />loan was $2,334,394 with a 2% interest rate <br />• To reimburse city for all other expenses incurred in the COR area: <br />Public Improvements, Parking Ramp, Transit Station, Roads (Including <br />Armstrong Interchange, Sunwood, Sunfish and Ramsey Boulevards) <br />and Park Improvements (Draw Park). <br />• Reimbursements will be up to $50,000,000 Per Special Legislation <br />Passed Minnesota Session Laws, 2025, 1st Special Session. <br />SECTION II: POLICY STATEMENT <br />It is the intent of the City of Ramsey to recoup all of the city funds that have been <br />expended to purchase and develop the COR area. The city will use land proceeds <br />from the COR area and future tax increment from Tax Increment District No. 14 to <br />pay itself back. <br />SECTION III: PROCESS <br />• Distribution of Land Proceeds. The following will be administered <br />sequentially as proceeds are received: <br />1. When land proceeds are received from the sale of lots in the <br />COR area, the proceeds will first be applied against the <br />reduction of the outstanding internal loans of the water and <br />sewer funds and their respective interest rates. <br />