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<br />Case # 3 <br /> <br />PUBLIC HEARING: ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 13 <br />AND APPROVING ITS FINANCING PLAN <br />Sean M. Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Staffhas been working with Thomas Palmquist of Robert Muir Company to develop a 544,000 Square Foot <br />retail project currently referred to as Ramsey Crossings. The retail project is estimated to have a market value <br />over $100,000,000 upon its completion. General merchandising retailers, home improvement and electronics <br />stores are proposed to anchor the development. The proposed TIF District is a Renewal and Renovation <br />District with a statutory duration of 15 years from the receipt of first increment. The City reserves the right to <br />decertify the district early if all outstanding obligations are satisfied sooner. The project will utilize TIF <br />revenue from this district to fund relocation, public infrastructure improvements, site improvements <br />environmental services and administrative expenses related to correcting the substandard and poorly laid out <br />property within the project area. <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. 13. James Lasher, ofLSA Design, <br />will be in attendance to address questions. <br /> <br />Fiscal Impact: <br /> <br />The creation of TIF District No. 13 will be funded from revenue generated by TIF District No. 13. <br /> <br />Recommendation: <br /> <br />Staff recommends that the Council approve the creation ofTIF District No. 13 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.9 and approving its Tax Increment Financing Plan. <br /> <br />CC: 01l23/07r <br /> <br />-217- <br />