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<br />CASE #2 <br /> <br />TITLE: <br /> <br />Adoption of Resolution Approving Redevelopment Project Area and Plan <br />For Ramsey Crossings <br /> <br />BY: <br /> <br />Sylvia Frolik, HRA Executive Director <br />Sean Sullivan, Economic Development Coordinator <br /> <br />INTRODUCTION: <br /> <br />The City of Ramsey is currently involved in a large scale redevelopment project called Ramsey <br />Crossings. The project involves the acquisition of 17 parcels located West of Armstrong Blvd <br />and South of the extension of Bunker Lake Boulevard. A renewal and renovation TIF district is <br />being proposed to be created to assist in financing improvements within the project area. <br /> <br />DISCUSSION POINTS: <br /> <br />A resolution Initiating Process for Adoption of Redevelopment Plan was adopted by the HRA <br />and the City Council on December 12,2006. Land acquisition for the Ramsey Crossings Project <br />would be funded through revenue bonds that would be issued separate from the TIF District. <br />This funding mechanism requires that the HRA establish a redevelopment plan for the area. A <br />copy of the "Redevelopment Plan for Ramsey Crossings Project" is attached for review. <br /> <br />ATTACHMENTS: <br /> <br />a) Ramsey Crossings Redevelopment Plan <br />b) Resolution Approving Redevelopment Project Area and Plan. <br /> <br />STAFF RECOMMENDATION: <br /> <br />Adopt Resolution Approving Redevelopment Project Area and Plan <br /> <br />BOARD ACTION: <br /> <br />Motion to Adopt Resolution Approving Redevelopment Project Area and Plan <br /> <br />REVIEWED BY: <br /> <br />Interim City Administrator <br />Community Development Director <br /> <br />HRA: 01/09/07 <br />