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