09-12-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

area. It should be noted that the City of Little Canada will take the lead in the acquisition of these parcels and will not associate St. Jude Medical, Inc. with this project component, other than the TIF from the project makes this improvement possible. Update: This would be the bonding portion of the project if it were to proceed. We need to put together some estimates of the potential costs, but I'm guessing it would easily eat up $1,000,000 or more! 4) Landscaping improvements along County Road B2 to beautify /screen the area. To fully accomplish this, #2 above must occur to provide us with adequate right -of -way for these improvements. Update: Still in play. 5) The City will consider the use of TIF for other eligible costs to the extent TIF is available from the first or subsequent phases. The City would prefer to use any other TIF revenues to enable the future acquisition/redevelopment of the Capitol View Learning Center, subject to future expansion by St. Jude into this area. If it is not possible to commit to that at this time, the City will consider additional reimbursement of eligible costs; subject to financial feasibility and further due diligence to document the need for the assistance and to comply with statutory requirements, including the "But For" test. Based upon initial projections, the first phase of the St. Jude project will likely only cover the first four items. If a future phase is constructed, then reimbursement may be possible at that time. Again, this will take further analysis and documentation before any firm commitment can be made. No commitment is possible at this time regarding the terms of repayment until better projections exist for the project. Update: Given timing for Phase II, St. Jude's lack on interest in this site, and the other demands on the projected funds, there may not be much money to consider beyond those items already listed. St. Jude would like to see more money come to assist directly with their project. I have said that may be possible, subject to funding the other priorities first. Some of the other uses could include soils corrections, parking improvements, and landscaping to buffer Cobblestone and /or 916. ➢ The City will want a letter from St. Jude indicating their agreement to reimburse the City for the costs of creating the district, whether the project goes forward or not. As we have discussed, we need to get started on the creation of the District if we are to have it in place in time for October construction. The form of the letter I would like is attached. Update: The letter was received. Subject to any comments from you, we will begin work on the development agreement and related documents with the goal of having them completed by October 10`h, if possible. Staff is looking for your ratification of the program as outline or as modified based upon your comments. cc: Mary Ippel, Briggs & Morgan Todd Hagen, Ehlers & Associates, Inc. Linda Larson, Cresa Partners 3