Minutes - Council - 01/23/2007 - Laserfiche WebLink

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21) Adopt Resolution #07-01-034 Receiving Report and Calling a Public Hearing on Improvement Project #07-11 (Bituminous Overlay of Section 22 Unplatted Areas North of Alpine Drive 22) Adopt Resolution #07-01-035 Approving Amended Facility Rental Policy 23) Adopt Resolution #07-01-036 Authorizing the Payment of Pay Application No. 19 for Ramsey Municipal Center Construction Motion carried. Voting Yes: Mayor Gamec, Councilmembers Jeffrey, Olson, Dehen, Elvig, Look, and Strommen. Voting No: None. COUNCIL BUSINESS Case #1: Public Hearing: Establishment of Tax Increment Financing District No. 11 and Approving its Financing Plan Mayor Gamec closed the regular portion of the City Council meeting at 7:14 p.m. in order to conduct a public hearing. Public Hearinl!: Mayor Gamec called the public hearing to order at 7:14 p.m. Presentation Economic Development Coordinator Sullivan stated staff has been working with Shirley Barnes of Crest View Senior Communities to develop a Senior Housing project in Ramsey Town Center. A development agreement is currently being negotiated with Crest View that would require them to construct a senior housing project with an estimated market value of $20,000,000. The proposed Tax Increment Financing (TIF) District is a Housing District with a statutory duration of 25 years. The City reserves the right to decertify the district early if all outstanding obligations are satisfied sooner. The project will utilize pay-as-you-go TIF Financing to fund TIF eligible expenses related to the project and expended by the developer and the City. Proposed uses of the TIF funds include: construction costs of the building, street, sewer and water improvements and administrative fees associated with the project. Mr. Sullivan noted Section 3.08 should be changed to state the City intends to use tax increment financing on a pay-as-you-go basis for an amount of Public Costs estimated not to exceed $5,300,000. Economic Development Coordinator Sullivan advised Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and economic implications of the proposed Tax Increment Financing Plan to the School District and County at least 30 days before the scheduling of a public hearing. The statutory requirements were fulfilled. The Ramsey Planning Commission adopted a resolution on January 4, 2007, stating that TIF District No. 11 was consistent with the City Comprehensive Plan. Staff met with the Anoka County Board to discuss this project on January 23,2007. City Council / January 23, 2007 Page 5 of 28