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MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />SEPTEMBER 22, 2021 <br />Pursuant to due call and notice thereof a Workshop meeting of the City Council of Little Canada, <br />Minnesota was convened on the 22r'd day of September, 2021 in the Conference Room of the City <br />Center located at 515 Little Canada Road in said City. <br />Mayor John Keis called the meeting to order at 6:30 p.m. and the following members of the City <br />Council were present at roll call: <br />CITY COUNCIL: Mayor Keis, Council Members Fischer, Torkelson, McGraw & Miller. Absent: <br />None. <br />ALSO PRESENT: City Administrator Chris Heineman and City Clerk/HR Manager Heidi Heller. <br />SOUTH OWASSO BOULEVARD & SPRUCE STREET DEVELOPMENT PROPOSAL <br />Mikaela Huot, Municipal Advisor with Baker Tilly, stated that the staff report included some <br />additional information about the potential development at Spruce Street and South Owasso <br />Boulevard, and she has received the financial details from the developer. She explained that the <br />proposed project would qualify for an Economic Development Tax Increment Finance (TIF) <br />District due to the extraordinary costs for soil improvements required to build on this site. She <br />reported that after talking with the Ramsey County Assessor's Office, the value per square foot is <br />actually higher than she used in her initial calculations. Huot stated that the total estimated project <br />cost is approximately $6,500,000 with foundation and footing costs exceeding $1,000,000. Based <br />on the revenues from a nine-year district, there would not be enough TIF revenue to cover the entire <br />amount of the soil improvement costs. Ms. Huot explained how the developer demonstrated that <br />TIF assistance is needed for this project. The City can typically retains 10% of the TIF revenue for <br />administrative costs, but staff is recommending that we retain 15% in this case in order to help fund <br />the street reconstruction and utility connections needed on Spruce Street. The Council consensus <br />was to continue working towards an Economic Development TIF District on Spruce Street. <br />There being no further business, the meeting was adjourned at 7:29 p.m. <br />o . Keis, Mayor <br />Attest: <br />4 P <br />Christopher Heine n, City Administrator <br />