Laserfiche WebLink
<br />Motion carried. V oting Yes: Chairperson Olson, Commissioners Elvig, Cook, Gamec, Jeffrey, <br />Pearson, and Strommen. Voting No: None. <br /> <br />HRA BUSINESS <br /> <br />Case #1: <br /> <br />Adoption of Resolution Initiating Process for Adoption of Redevelopment <br />Plan (TIF No. 13) <br /> <br />Economic Development Coordinator Sullivan stated the City of Ramsey is currently involved in <br />a large scale redevelopment project called Ramsey Crossings. A renewal and renovation nF <br />district will be created to assist in financing improvements within the project area. Land <br />acquisition will be funded through bonds and this mechanism requires that the HRA establish a <br />redevelopment plan for the area. The proposed resolution will initiate this process. <br /> <br />Councilmember Elvig requested staff to provide an overview to the public regarding the use of <br />tax increment financing with this redevelopment plan. <br /> <br />Economic Development Coordinator Sullivan explained the City will be allowed to capture the <br />tax generated from the City portion, the County portion, and a portion of the School District to <br />apply towards projects in the boundary of the nF District. <br /> <br />Councilmember Elvig clarified with Economic Development Sullivan that revenues will double <br />in this district due to the additional funds that are captured. <br /> <br />Councilmember Cook stated this nF District is a very important part of the Ramsey Crossings <br />development. <br /> <br />Economic Development Coordinator Sullivan advised with adoption of the proposed resolution <br />the public hearing on the Plan will be scheduled for January 9,2007. <br /> <br />Motion by Commissioner Cook, seconded by Commissioner Jeffrey, to adopt Resolution #06- <br />12-003 Initiating Process for Adoption of Redevelopment Plan (TIF No. 13). <br /> <br />Motion carried. Voting Yes: Chairperson Olson, Commissioners Cook, Jeffrey, Elvig, Gamec, <br />Pearson, and Strommen. Voting No: None. <br /> <br />COMMITTEE REPORTS <br /> <br />None. <br /> <br />EXECUTIVE DIRECTOR'S REPORT <br /> <br />None. <br /> <br />Housing and Redevelopment Authority / December 12, 2006 <br />Page 2 of 3 <br />