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N/A at this time. However, the Redevelopment Plan/business subsidy process will require public hearings. <br />Time Frame/Observations/Alternatives: <br />Staff is looking for council consensus to start the process to create a Redevelopment Plan, adopt a resolution to <br />request HRA funds from the County and to give Staff flexibility in the amount (up to 2M), interest rate indexed to <br />10 year treasury, 5 yr. term, 25 yr amortization . All terms and conditions of the loan will ultimately need to be <br />formally approved by City Council Action at a later date. <br />Funding Source: <br />10K Escrow Account by ARAA to start TAFT Law Redevelopment Area process. <br />Balance of Legal work by City of Ramsey (HRA/EDA). <br />Staff has reviewed City financing options and has recommended an HRA Loan (up to 2M) from Ramsey HRA <br />funds held by Anoka County. <br />Recommendation: <br />Council consensus to start the process to create a Redevelopment Plan, adopt a resolution to request HRA funds <br />from the County and to give Staff flexibility in the amount (up to 2M), interest rate indexed to 10 year treasury, 5 <br />yr. term, 25 yr amortization and to fund the remaining legal work once the Bank has formally approved financing <br />. All terms and conditions of the loan will ultimately need to be formally approved by City Council Action at a <br />later date. <br />Outcome/Action: <br />Council consensus to start the process to create a Redevelopment Plan, adopt a resolution to request HRA funds <br />from the County and to give Staff flexibility in the amount (up to 2M), interest rate indexed to 10 year treasury, 5 <br />yr. term, 25 yr. amortization and to fund the remaining legal work once the Bank has formally approved financing <br />. All terms and conditions of the loan will ultimately need to be formally approved by City Council Action at a <br />later date. <br />Attachments <br />Site Location Map <br />CONSENSUS Requested - Proposed Financing <br />Proposed HRA Loan - Redevelopment Plan Schedule <br />Draft Redevelopment Area Map <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Katie Schmidt 04/24/2026 01:23 PM <br />Form Started By: Katie Schmidt Started On: 04/24/2026 01:19 PM <br />Final Approval Date: 04/24/2026 <br />