Ramsey County approves $320M economic development plan to stabilize property taxes

Ramsey County leaders announce $320 million economic development plan

Ramsey County leaders on Tuesday shared an economic development plan that would invest more than $320 million into the county’s future without increases in property tax. Among the speakers at a news conference were St. Paul Mayor Kaohly Her, Minnesota Sen. Sandra Pappas and Minnesota Rep. María Isa Pérez-Vega.

ST. PAUL, Minn. (FOX 9) - Ramsey County is launching a major investment plan to revitalize downtown and ease property tax pressures, with more than $320 million dedicated to new development. 

Ramsey County board approves major investment

What we know:

The Ramsey County Board of Commissioners unanimously approved the "Building Stronger Together" plan, which will invest more than $320 million to accelerate downtown development and stabilize residential property taxes. 

The plan does not require any new property tax increases. 

Commissioners, St. Paul Mayor Kaohly Her, state lawmakers, business leaders and partners gathered at River Park Plaza Tuesday morning to unveil the plan after the vote.

"Through Building Stronger Together, Ramsey County is taking decisive action - making a bold investment of more than $320 million and leveraging our assets and partnerships to accelerate housing, grow our economy, and expand and strengthen our tax base both downtown and countywide," said Rafael Ortega, Ramsey County Commissioner and Board Chair.

The plan is rooted in the county’s values of well-being, prosperity, opportunity and accountability, aiming to broaden the tax base and reduce the burden on residents. 

The plan’s two main strategies 

Why you should care:

The first strategy, "Building a Dynamic Downtown," focuses on stimulating both private and public investments to expand business activity, support residential growth and grow the tax base. Projects like RiversEdge, a new housing fund, office-to-residential conversions, improved transit and a business activation fund are all part of the initiative. 

The second strategy involves selling more than 630 acres of county-owned land, including Rice Creek Commons, for redevelopment. It would bring in new businesses, jobs and tax-generating projects.

The plan also includes expediting real estate project readiness, reinvesting in public infrastructure and cultivating new partnerships to strengthen the tax base.

Community engagement and next steps

Local perspective:

The plan builds on recommendations from the Economic Competitiveness and Inclusion Plan, the Climate Equity Action Plan, the All-Abilities 2050 Transportation Plan and the Transportation Improvement Program, all of which were shaped by community engagement. The county will continue this approach with Economic Competitiveness and Inclusion Plan 2.0, expanding opportunities for residents to help guide future investments. 

By the numbers:

More than $320 million in targeted investments will be made without raising property taxes. The plan uses existing resources and strategic bonding, including a legislative bonding request for Park at RiversEdge. The county’s financial management allows for these high-impact investments.

What we don't know:

The timeline for when specific projects will begin or be completed has not been announced. Details on which properties will be sold and how quickly redevelopment will happen are still to come as the plan moves forward.