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

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Tax Increment Financing Plan for Tax Increment Financing District No. 20 (Trident) FOREWORD The City of Ramsey (the "City"), staff and consultants have prepared the following information to expedite the Establishment of Tax Increment Financing District No. 20 (Trident) (the "District"), a housing tax increment financing district, located in Development District No. 1. STATUTORY AUTHORITY Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.724 - 469.133, inclusive, as amended, and M.S., Sections 469.774 to 469.7794, inclusive, as amended (the "TIF Act"), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Modification to the Development Program for Development District No. 1. STATEMENT OF OBJECTIVES The District currently consists of a portion of two (2) parcels of land and adjacent roads and internal rights -of -way. The District is being created to facilitate development of a mixed -income assisted living and memory care housing project in the City. The City intends to enter into an agreement with Trident as the developer. Development is anticipated to begin in 2027. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 1. The activities contemplated in the Modification to the Development Program and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Development District No. 1 and the District. City of Ramsey Tax Increment Financing District No. 20 (Trident) 2