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<br />. <br /> <br />. <br /> <br />. <br /> <br />CASE # .6. <br /> <br />PUBLIC HEARING <br />Adoption of Resolution Approving Redevelopment <br />Project Area and Plan (TIFNo. 13); <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City of Ramsey is currently involved in a large scale redevelopment project called <br />Ramsey Crossings. The project involves the acquisition of 17 parcels located West of <br />Armstrong Blvd. and South of the extension of Bunker Lake Boulevard. <br /> <br />Observations: <br /> <br />A resolution Initiating Process for Adoption of Redevelopment Plan was adopted at the <br />December 12, 2006, HRA and City Council meetings. Land acquisition for the Ramsey <br />Crossings Project would be funded through revenue bonds that would be issued separate <br />from the TIP District. This funding mechanism requires that the HRA establish a <br />redevelopment plan for the area. A copy of the "Redevelopment Plan for Ramsey <br />Crossings Project" is attached for review. <br /> <br />Fiscal Impact: <br /> <br />The costs associated with the creation of the Ramsey Crossings Redevelopment Plan and <br />associated actions will be reimbursed to the City as part of the Tax Increment Financing <br />proceeds. <br /> <br />Recommendation: <br /> <br />Adopt the Redevelopment Plan lor Ramsey Crossings Project by the enclosed resolution. <br /> <br />Council Action: <br /> <br />Motion by Councilmember and seconded by Councilmember to <br />adopt Resolution #07-01-_ adopting the Redevelopment Plan for Ramsey Crossings. <br /> <br />Review Checklist: <br /> <br />Acting City Administrator <br />Community Development Director <br />Asst. Comm.. Dev. Dir./HRA Exec. Dir. <br /> <br />cc: 01109/07 <br /> <br />-165- <br />