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MINUTES <br />CITY COUNCIL <br />OCTOBER 28, 2015 <br />McGraw asked how the development of an 8,100 square foot retail <br />building works into the redevelopment plan. The Administrator indicated <br />that while no TIF assistance would be provided for the 8,100 square foot <br />building, it would generate dollars for the TIF District. <br />Keis asked the current value of the property. The Administrator indicated <br />that the property is valued at $2.1 million, therefore, a redevelopment <br />would increase the property value by $3 to $5 million. The Administrator <br />indicated that in looking at the redevelopment concept, the County <br />estimated a property value of $6 to $6.5 million. The Administrator stated <br />that a value in that range would allow for TIF assistance to work. <br />McGraw indicated that the consideration for him is what would be best for <br />the City. McGraw stated that he would like to see the property <br />redeveloped, but at a reasonable cost to the City. <br />The Administrator reported that the goal this evening is for the Council to <br />determine whether or not City staff should spend additional time on the <br />TIF analysis. He indicated that from the discussion this evening, the <br />direction appears that the Council would like to see the property redevelop <br />and may consider providing assistance as long as the City is not put at <br />risk. The Administrator again noted that the property is substandard and <br />reported that the City has received numerous complaints from the <br />residents of Cobblestone Village. The Administrator indicated that if the <br />numbers work, providing TIF assistance for redevelopment of this could <br />be a long-term winner for the City. <br />Keis asked if the City would be looked to to provide TIF assistance for <br />every redevelopment project. Ruff indicated that not every project would <br />qualify for TIF assistance. He also noted that in considering whether or <br />not to provide TIF, the City must consider the perceived pay back. <br />Fischer pointed out that the former Bally's site is a high profile location <br />for the City. <br />Montour asked if the City is capped at the percentage of TIF assistance it <br />can offer. Ruff reported that Little Canada is low relative to the amount of <br />TIF it has used in compared to other Ramsey County cities. <br />There was discussion about the appearance of the Arby's property and the <br />need to at least improve the landscaping of this site. Kaufman noted that <br />Arby's has delayed upgrade work on the building, and stated that they <br />could have some discussions with Arby's corporate office on this issue. <br />Kaufman pointed out that the Arby's property is a separate parcel from the <br />4 <br />