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

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The City may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition and related costs. The City does not own any of the parcels of the property to be included in the District. DISTRICT CLASSIFICATION The City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.774 to 469.7794, as amended, inclusive, finds that the District, to be established, is a housing district pursuant to M.S., Section 469.774, Subd. 11 and M.S., Section 469.7767. $ The District consists of two (2) parcels $ The development will consist of 102 units of multi -family rental housing $ 20% of the units will be occupied by person with incomes less than 50% of area median income $ No more that 20% of the square footage of the building that is receiving assistance from tax increment consists of commercial, retail or other non- residential uses. Pursuant to M.S., Section 469.776, Subd. 7, the District does not contain any parcel or part of a parcel that qualified under the provisions of M.S., Sections 273.111, 273.112, or 273.114 or Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the District. DURATION & FIRST YEAR OF DISTRICT'S TAX INCREMENT Pursuant to M.S., Section 469.775, Subd. 1, and Section 469.776, Subd. 1, the duration and first year of tax increment of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.776, Subd. lb., the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The City elects to receive the first tax increment in 2029, which is no later than four years following the year of approval of the District. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2054, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. City of Ramsey Tax Increment Financing District No. 20 (Trident) 4