02-08-2012 Council Agenda - Laserfiche WebLink

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MAYOR Bill Biesener COUNCIL Rick Montour John Reis Michael McGraw Shelly Boss 515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR (651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson www.c1.11111e-canada.mn.us MEMORANDUM "1'O: Mayor Blesener & Members of the City Council FROM: Joel Manson, City Administrator DATE: February 3, 2012 RE: Prioritize Economic Development Opportunities & TTF Resources At our workshop with Ehlers & Associates that we held in January, staff was directed to put together the listing of action steps to modify certain TIE Districts to assist with future economic development activities. We were also to put together a listing of potential uses /projects for your consideration. That listing with issues /opportunities is as follows: TIF DISTRICT 2 -1 (Country Drive): This district has the most flexibility. I believe we can bond the future income stream (now to 2017), but we will need to amend the plan to do so. We also have one more parcel we should acquire to have this area ready for redevelopment should the Gagne property ever become available. The estimated market value (EMV) on that property per Ramsey County is $144,300. (Please keep in mind that appraisals should be ordered on all properties contemplated for acquisition, as the EMV may not be an accurate indicator of current market value.) I'm still awaiting information from Ehlers as to the cash that would be available via bonding. The Council will need to provide direction regarding the acquisition of the remaining parcel and on your desire to bond at this tiine versus allowing cash to build up over the next few years. TIE DISTRICT 3 -2 (Rice & Little Canada Road Area): Fillers needs to update the cash flow and pooling resources for this district to reflect the fact that the Rutzick interfund loan is an activity occurring within the TIE District (this should make more money available for pooling.) Potential properties to acquire in this district include the Winter Properties (EMV $261,900); Mellgren, Liquor Store, Pawn Shop area (EMV's total $1,216,300); and two more Round Lake Houses ( EMV's total $358,700 and this would free up funds currently allocated in the Park Land Acquisition Fund). If the Winter's property were used for a Senior Housing Project (Assisted Living), then TIE District 3- 3's resources could be used to fund the acquisition and allow 3 -2's fund balance to be used for other purposes. It should be noted that I recently talked with a developer interested in exploring this concept! 1