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<br />Case # , <br /> <br />PUBLIC HEARING: ESTABLISHMENT OF TAX INCREMENT FINANCING <br />DISTRICT NO. 11 AND APPROVING ITS FINANCING PLAN <br />Sean M. Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Staffhas been working with Shirley Barnes of Crest View Senior Communities to develop a senior Housing <br />project in the Ramsey Town Center. A development agreement is currently being negotiated with Crest View <br />that would require them to construct a senior housing project with an estimated market value of $20,000,000. <br />The proposed TIF District is a Housing District with a statutory duration of 25 years. The City reserves the <br />right to decertify the district early if all outstanding obligations are satisfied sooner. The project will utilize <br />Pay-as-you-go TIF Financing to fund TIF eligible expenses related to the project and expended by the developer <br />and the City. Proposed uses ofthe TIF funds include: construction costs of the building, street, sewer and <br />water improvements and administrative fees associated with the project. <br /> <br />Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and <br />economic implications of the proposed Tax Increment Financing Plan to the School District and County at least <br />30 days before the scheduling of a public hearing. The statutory requirements were fulfilled. The Ramsey <br />Planning Commission adopted a resolution on January 4, 2007 stating that TIP District No. 11 was consistent <br />with the City Comprehensive Plan. Staff met with the Anoka County Board to discuss this project on January <br />23,2007. A copy of the TIP Plan is attached. <br /> <br />Attached to this case is a map showing the boundaries of TIP District No. 11. Crest View Senior Communities <br />will be present at the meeting to address questions specific to the proposed project. <br /> <br />Fiscal Impact: <br /> <br />The creation of TIF District No. 11 will be funded from revenue generated from TIP District No. 11 <br /> <br />Recommendation: <br /> <br />Staff recommends that the Council approve the creation of TIP District No. 11 and its Tax Increment Financing <br />Plan. <br /> <br />Council Action: <br /> <br />Motion to recommend Council Adopt Resolution #07-0 I-XXX establishing Tax Increment Financing District <br />No. 11 and approving its Tax Increment Financing Plan. <br /> <br />cc: 01/23!07Y <br /> <br />-157- <br />