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<br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Jeffrey, Elvig, Dehen, Look, <br />Olson, and Strommen. Voting No: None. <br /> <br />Case #2: <br /> <br />Public Hearing: Establishment of Tax Increment Financing District No. 12 <br />and Approving its Financing Plan <br /> <br />Mayor Gamec' closed the regular portion of the City Council meeting at 7:21 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearin2 <br /> <br />Mayor Gamec called the public hearing to orqer at 7:21 p.m. <br /> <br />Presentation <br /> <br />Economic Development Coordinator Sullivan stated staff has been working with Jeff Johnson of <br />Anoka County Community Action Program (ACCAP) to develop a $4,000,000 housing project <br />in Ramsey Town Center. The project would consist of a five story building with retail on the <br />fIrst floor and housing above it. The proposed TlF District is a Housing District with a statutory <br />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 TlF financing to fund TlF <br />eligible expenses related to the project and expended by the developer and the City. Proposed <br />uses for the TlF funds include: land acquisition, site improvements, a skyway, a green roof and <br />the construction costs of the building. Mr. Sullivan indicated the Ramsey Planning Commission <br />adopted a resolution on January 4, 2007 stating that TIF District No. 12 was consistent with the <br />City Comprehensive Plan. Staff met with the Anoka County Board to discuss this project on <br />January 23,2007. <br /> <br />CitiZen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Olson, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Olson, Dehen, Elvig, <br />Jeffrey, and Look. Voting No: None. <br /> <br />The public hearing was closed at 7:23 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:23 p.m. <br /> <br />Councilmember Elvig stated looking back to 2001, the taxable income of this strip of property, <br />which is now in Town Center, was $1; it was taxed $2 and the City received $1. The value has <br /> <br />City Councill January 23, 2007 <br />Page 7 of 28 <br /> <br />P69 <br />