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Ce n 29e4<4 anaa z <br />515 Little Canada Road. Little Canada. MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />wvwv.ci.lit11e -c a11 ada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />DATE: April 19, 2002 <br />R.E: Garden Terrace Roof <br />MAYOR <br />Michael L Fahey <br />COUNCIL <br />Beverly Sca tze <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />AUININ(SrRATOR <br />Joel R. Hanson <br />1 have reviewed the options for financing the roof on the existing Garden Terrace building. While <br />Ramsey County does not have any funding available in this fiscal year, we may be able to utilize TIF <br />to solve this problem. Mark Ruff of Ehlers & Associates is putting together projections of the <br />income streams the addition to Garden Terrace will generate. He is also evaluating the potential for <br />using future excess increment from the Presbyterian Homes project. (1 hope to have this analysis by <br />Wednesday's meeting. <br />It also appears the cost for adding this roof is more favorable than initially stated. As you will recall, <br />Doug Mayo of Common Bond indicated the cost would approach $200,000. Based on a more current <br />estimate, it appears that number will be closer to $100,000. (Common Bond is continuing to refine <br />this number.) <br />Pending the receipt of the information from Mark Ruff the Council will have to decide whether they <br />want to pursue the use of TIF for the roof on the Garden Terrace building. <br />cc: Jon Weiss, Common Bond <br />Mark Ruff, Ehlers & Associates <br />