11-28-2018 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COUNCIL NOVEMBER 28, 2018 The foregoing resolution was duly seconded by McGraw. Aye (5). Nays (0). Resolution declared adopted. Keis introduced the following resolution and moved its adoption: RES OL UTION 2018-11-238 - APPROVE THE TERMINATION OF DEVELOPMENT AGREEMENT, AS AMENDED, AND EXTINGUISHMENT OF RIGHT OF REVERTER FOR 2925 COUNTRYDRIVE The foregoing resolution was duly seconded by Fischer Aye (5). Nays (0). Resolution declared adopted. PUBLIC HEARING — The City Administrator explained that, the City has been working with the MODIFICATION TO Minnesota Department of Employment and Economic Development and DEVELOPMENT commercial real estate broker, CBRE, on a proposed business expansion DISTRICT NO.7 AND project in Little Canada. He reported that a local produce delivery company THE is working to acquire the property at 3060 Centerville Road as part of a ESTABLISHMENT OF planned expansion. He stated that an Economic Development Tax TAX INCREMENT Increment Financing District is being proposed to facilitate an expansion of FINANCING DISTRICT the company's food processing and distribution capabilities and NO. 7-2 accommodate growth. He reported that the company is considering a purchase of the existing building and anticipates a total of $14,706,250 in improvements. He noted that this building is very large and would be a difficult reuse because of the size, so this is a good opportunity for the City. The City Administrator explained that the Ramsey County Assessor has indicated that the property value should increase by $1,500.000 to $2,000,000 once the upgrades have been completed. Based on analysis from Ehlers Financial Advisors, the project will general an estimated $32,588 in annual tax increment. He noted that the Planning Commission has reviewed the proposed plan and program to determine if it confonns to the general plans for development for the City as described in the Comprehensive Plan, and approved the proposal. He explained that the development agreement has not yet been formally completed but the Council's comments and recommendations have been included in the draft. He stated that is not being reviewed tonight. Montour noted that this business has also applied for funding from the Minnesota Department of Employment and Economic Development. Todd Hagen, Ehlers, explained that there will be minimal assistance from the City of Little Canada since most of the improvements are equipment 3