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<br />Case # d- <br /> <br />PUBLIC HEARING: ESTABLISHMENT OF TAX INCREMENT FINANCING <br />DISTRICT NO. 12 AND APPROVING ITS FINANCING PLAN <br />Sean M. Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Staffhas been working with Jeff Johnson of Anoka County Community Action Program (ACCAP) to develop a <br />$4,000,000 housing project in the Ramsey Town Center. The project would consist of a five story building <br />with retail on the first floor and housing above it. The proposed TIF District is a Housing District with a <br />statutory duration of 25 years. The City reserves the right to decertify the district early if all outstanding <br />obligations are satisfied sooner. The project will utilize Pay-as-you-go TIF financing to fund TIF eligible <br />expenses related to the project and expended by the developer and the City. Proposed uses for the TIF funds <br />include: land acquisition, site improvements, a skyway, a green roof and the construction costs of the building. <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 TIF District No. 12 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 TIF Plan is attached. <br /> <br />Attached to this case is a map showing the boundaries ofTIF District No. 12. Jeff Johnson, from ACCAP will <br />be available for questions at the meeting. <br /> <br />Fiscal Impact: <br /> <br />The creation of TIF District No. 12 will be funded from revenue generated from TIF District No. 12 <br /> <br />Recommendation: <br /> <br />Staff recommends that the Council approve the creation ofTIF District No. 12 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. 12 and approving its Tax Increment Financing Plan. <br /> <br />CC: 01/23/07 Y <br /> <br />-187- <br />