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<br />. <br /> <br />. <br /> <br />. <br /> <br />Mayor Garnec closed the regular portion of the City Council meeting at 7:34 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Bearine: <br /> <br />Mayor Garnecca1led the public hearing to order at 7:34 p.m. <br /> <br />Presentation <br /> <br />Economic Development Coordinator Sullivan stated staff has been working with Thomas <br />Palmqnist of Robert Mnir Company to develop a 544,000 sqnare foot retail project currently <br />referred to as Ramsey Crossings. The retail project is estimated to have a market value over <br />$100,000,000 upon its completion. General merchandising retailers, home improvement and <br />electronics stores are proposed to anchor the development. The proposed rIF District is a <br />Renewal and Renovation District with a statutory duration of 15 years from the receipt of first <br />increment. The City reserves the"right to decertify the district early if all outstanding obligatio:ijS <br />are satisfi~ sooner. The project will utilize TIF revenue from this district early if all outstanding <br />obligations are satisfied sooner. The project will utilize TIF revenue from this district to fund <br />relocation, public infrastructure improvements, site improvements, environmental services and <br />administrative expenses related to. correcting the substandard and poorly laid out property within <br />the project area Mr. Sullivan indicated the Planning Commission adopted a resolution on <br />Janwuy 4, 2007 stating that TIF District No. 13 was consistent with the City Comprehensive <br />Plan. Staff met with the Anoka County Board to discuss this project on Janwuy 23, 2007. <br /> <br />Citizen Inpnt <br /> <br />There was none. <br /> <br />Motion by Councilmember Jeffrey, seconded by Councilmember Look, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, CounciImembers Jeffrey, Look, Dehen, Elvig, <br />Olson, and Strommen. Voting No: None. <br /> <br />The public hearing was closed at 7:37 p.m. <br /> <br />Council Business <br /> <br />Mayor Garnec called the regular City Council meeting back to order at 7:37 p.m. <br /> <br />Councilmember Elvig stated he has not always been a big proponent of TIF. The thing he likes <br />about this project and the last two projects is that they are TIF projects directed for the project, <br />not for regions. The concern he usually has about TIP is whether there is enough cash flow in <br />the City to forego that increment in tax base as it comes on. This is a pay-as-you-go TIP project, <br />and half of the project is outside the TIP District, so it provides a cash flow while increasing the <br />value of the property. The other portion of this he had a concern about was an article in the <br /> <br />City Council! Jannary 23, 2007 <br />Page 9 of 28 <br /> <br />P71 <br />