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Councilmember Specht introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #26-197 <br /> <br />RESOLUTION APPROVING TAX INCREMENT FINANCING DEVELOPMENT <br />AGREEMENT; RAMSEY SENIOR PROPERTIES LLC <br /> <br /> WHEREAS, On July 14, 2026, the City of Ramsey, Minnesota (the "City") Adopted <br />Resolution #26-159 Approving the Modification to the Development Program for Development <br />District No. 1 and Establishing Tax Increment Financing District No. 20 (Trident) within <br />Development District No. 1 and Approving the Tax Increment Financing Plan Therefor; <br />Approving and Authorizing an Interfund Loan; and <br /> <br />WHEREAS, the City has performed all actions required by law to approve the <br />establishment of the TIF District therein, and the adoption of the Development Program <br />Modification and TIF Plan, including, but not limited to, notification of Anoka County and <br />Independent School District No. 11 having taxing jurisdiction over the property to be included in <br />the TIF District and the holding of a public hearing upon published and mailed notice as required <br />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 “Project”); <br />and <br /> <br />WHEREAS, the Developer and the City have determined to enter into a Tax Increment <br />Financing Development Agreement providing for the City's financial assistance for the Project <br />(the "Development Agreement"); and <br /> <br />WHEREAS, The City Bond Attorney has drafted a Tax Increment Financing <br />Development Agreement between the City and Ramsey Senior Housing, LLC, a Minnesota limited <br />liability company and recommends approval; and <br /> <br />WHEREAS, The City Council voted 5-1 to approve the Tax Increment Financing <br />Development Agreement with the following modifications: (1) Remove Exhibit C and references <br />to Exhibit C or related items; and (2) Add Responsible Contractor Requirement language <br />compliant with Minnesota Statute 16C.285, Subd. 3, subject to City Bond Counsel’s minor <br />modification, review, and approval. <br /> <br />WHEREAS, Ramsey Senior Housing, LLC, a Minnesota limited liability company is in <br />good standing with the office of the Minnesota Secretary of State as of August 19, 2026. <br /> <br />