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

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This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The City may issue bonds secured in whole or in part with tax increments from the District in a maximum principal amount of $6,045,740. Such bonds may be in the form of pay-as-you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. USES OF FUNDS Currently under consideration for the District is a proposal to facilitate development of a mixed -income assisted living and memory care housing project. The City has determined that it will be necessary to provide assistance to the project(s) for certain District costs, as described herein. The City has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES Land/Building Acquisition Site Improvements/Preparation Affordable Housing Utilities Other Qualifying Improvements Administrative Costs (up to 10%) PROJECT COSTS TOTAL Interest PROJECT AND INTEREST COSTS TOTAL $ 1,715,000 300,000 1,800,000 250,000 1,041,351 939,389 `$ 6,045,740 4,287,537 $ 10,333,277 The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in the Sources of Revenue section. City of Ramsey Tax Increment Financing District No. 20 (Trident) 7