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

Home

Appendix D: Findings Including But/For Qualifications The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 20 (Trident), as required pursuant to Minnesota Statutes, (M.S.) Section 469.775, Subdivision 3 are as follows: 1. Finding that Tax Increment Financing District No. 20 (Trident) is a housing district as defined in M.S., Section 469.774, Subd. 11. Tax Increment Financing District No. 20 (Trident) consists of a portion of two (2) parcels. The development will consist of development of a mixed -income assisted living and memory care housing project, all or a portion of which will receive tax increment assistance and will meet income restrictions described in M.S. Section 469.7767. At least 20% of the units receiving assistance will be occupied by individuals and families whose incomes are at or below 50% of area median income. 2. Finding that the proposed development, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future: This finding is supported by the fact that the development proposed in the TIF Plan is a housing district that meets the City's objectives for development and redevelopment. The cost of land acquisition, site and public improvements and utilities makes this housing development infeasible without City assistance. Due to decreased rental income from affordable units, there is insufficient cash flow to provide a sufficient rate of return, pay operating expenses, and service the debt. This leaves a gap in the funding for the project and makes this housing development feasible only through assistance, in part, from tax increment financing. The Developer was asked for and provided a letter and a proforma as justification that the Developer would not have gone forward without tax increment assistance. The increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the TIF Plan: This finding is justified on the grounds that City of Ramsey Tax Increment Financing District No. 20 (Trident)