Agenda - Council - 08/25/2026 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #26-197 RESOLUTION APPROVING TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT; RAMSEY SENIOR PROPERTIES LLC WHEREAS, On July 14, 2026, the City of Ramsey, Minnesota (the "City") Adopted Resolution #26-159 Approving the Modification to the Development Program for Development District No. 1 and Establishing Tax Increment Financing District No. 20 (Trident) within Development District No. 1 and Approving the Tax Increment Financing Plan Therefor; Approving and Authorizing an Interfund Loan; and WHEREAS, the City has performed all actions required by law to approve the establishment of the TIF District therein, and the adoption of the Development Program Modification and TIF Plan, including, but not limited to, notification of Anoka County and Independent School District No. 11 having taxing jurisdiction over the property to be included in the TIF District and the holding of a public hearing upon published and mailed notice as required by law; and WHEREAS, Ramsey Senior Housing, LLC, a Minnesota limited liability company (the "Developer") has requested the City assist with the financing of certain costs incurred in connection with the construction of a mixed -income assisted living and memory care facility containing approximately 102-units of housing including seventy-eight (78) assisted -living units and twenty-four (24) memory care units (the "Project") located in the TIF District (the "Project"); and WHEREAS, the Developer and the City have determined to enter into a Tax Increment Financing Development Agreement providing for the City's financial assistance for the Project (the "Development Agreement"); and WHEREAS, The City Bond Attorney has drafted a Tax Increment Financing Development Agreement between the City and Ramsey Senior Housing, LLC, a Minnesota limited liability company and recommends approval; and WHEREAS, Ramsey Senior Housing, LLC, a Minnesota limited liability company is in good standing with the office of the Minnesota Secretary of State as of August 19, 2026. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1. Development Agreement. (a) The Council hereby approves the Development Agreement in substantially the form submitted and the Mayor and the City Administrator are hereby authorized and directed to execute the Development Agreement on behalf of the Council.