Agenda - Council - 07/14/2026 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #26-159 RESOLUTION APPROVING THE MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 20 (TRIDENT) WITHIN DEVELOPMENT DISTRICT NO. 1 AND APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR; APPROVING A DEVELOPMENT AGREEMENT AND AUTHORIZING AN INTERFUND LOAN WHEREAS, it has been proposed that the City of Ramsey, Minnesota (the "City") (1) modify the Development Program for Development District No. 1 (the "Development District"); (2) establish Tax Increment Financing District No. 20 (Trident) therein (the "TIF District"); (3) approve and adopt the proposed Tax Increment Financing Plan therefor under the provisions of Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "Act"); and (4) authorize an Interfund Loan (hereinafter defined); and (5) approve a development agreement; and WHEREAS, the City Council has investigated the facts and has caused to be prepared the Modification to the Development Program for the Development District (the "Development Program Modification"), and has caused to be prepared a proposed tax increment financing plan for the TIF District therein (the "TIF Plan"); and WHEREAS, the City has performed all actions required by law to be performed prior to the approval of the establishment of the TIF District therein, and the adoption of the Development Program Modification and TIF Plan, including, but not limited to, notification of Anoka County and Independent School District No. 11 having taxing jurisdiction over the property to be included in the TIF District and the holding of a public hearing upon published and mailed notice as required by law; and WHEREAS, Ramsey Senior Housing, LLC, a Minnesota limited liability company (the "Developer") has requested the City assist with the financing of certain costs incurred in connection with the construction of a mixed -income assisted living and memory care facility containing approximately 102-units of housing including seventy-eight (78) assisted -living units and twenty-four (24) memory care units (the "Project") located in the TIF District (the "Project"); and WHEREAS, the Developer and the City have determined to enter into a Development Agreement providing for the City's financial assistance for the Project (the "Development Agreement"). NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: