Laserfiche WebLink
<br />gone up 1,6.00%. The City now receives $1,900 on this property and when this is approved will <br />receive up to approximately $17,800. Development dollars are being used to pay back this TIF; . <br />tax dollars are not being used. He questioned if the commercial component of this will be <br />receiving a benefit .from this TIP, and whether TIF is allowed in this area with the commercial <br />component involved. <br /> <br />Economic Development Coordinator Snllivan replied this is a qualified housing district, which <br />means that the square foot of the bUildings are in compliance with the TIF requirements; 80% of <br />the building is reqnired to be housing and 20% is allowable for retail. Regarding benefit to the <br />developer, there is a requirement for a high finish on the buildings within Town Center that <br />would not occur if it were not for the assistance be~g provided to this project <br /> <br />Councilmember Strommen stated she is excited about the green roof element of this, which she <br />wanted to see as an element in Town Center. . . <br /> <br />Mr. Jeff Johnson, Anoka County Community Action Program, stated there are two elements to <br />this project that would not be provided without TIP. One is the green ~oof and the other is the <br />second floor skyway from this building to the parking ramp. The commercial component may <br />benefit a little from the TIP, but up to half of the commercial space will be dedicated to the <br />housing for storage because it backs up to the alley and is not feasible commercial space. <br /> <br />Economic Development Coordinator Sullivan indicated the commercial component of this <br />project is valued at a higher dollar amount and taxed at a higher rate. It is a benefit to the City's <br />tax base to have the commercial element in this project <br /> <br />. <br /> <br />Councilmember Dehen requested an overview of pay-as-you-go TIP financing. <br /> <br />Economic Development Coordinator Snllivan explained the first thing is to create the district, <br />and any additional value created in the district is captured value. With pay~as-you-go TIF <br />financing the county collects taxes and sends the money back to the City, and the City will pay. <br />the developer. In a sense the developer will be getting their own dollars back. <br /> <br />Motion by Councilmember E1vig, seconded by Councilmember Strommen, to adopt Resolution <br />#07-01-038 establishing Tax Increment Financing District No. 12 and approving its Tax <br />Increment Financing Plan. <br /> <br />Motibn carried. Voting Yes: Mayor Garnec, Councilmembers Elvig, Strommen, Dehen, Jeffrey, <br />Look, and Olson. Voting No: None. <br /> <br />Mayor Gamec announced Ramsey Star Express stilrted on Mondsy morning at 5:35 am. The fee <br />is $4.50, and there is free parking in the ramp. There are super saver passes available for $20 <br />with a $22 value. <br /> <br />Case #3: <br /> <br />Public Hearing: Establishment of Tax Increment Financing District No. 13 <br />and Approving its Financing Plan <br /> <br />. <br /> <br />City CouncIl! Jannary 23, 2007 <br />Page 8 of 28 <br /> <br />P70 <br />