03-13-2002 Council Agenda - Laserfiche WebLink

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recovery of said write -downs to be made through the use of tax increment financing. Said commitment is subject to the financial feasibility of said projects and to statutory authority to do so. Other examples of public assistance that may be agreed upon for use for these projects include, but are not limited to, the following: 1. Grant opportunities such as the Livable Communities Program sponsored by the Metropolitan Council. 2. Ramsey County FIOME Funds. 3. Contaminated soil remediation funds subject to the terms and conditions as defined in the Settlement Agreement between the City and the Guerin Family Partnership. (Northeast Redevelopment site only) 4. Grant programs for soil clean -up to meet the provisions of the Settlement Agreement discussed in Item #3 or to address any other contamination issues that may be present on the Southeast Redevelopment site. 5. Tax increment financing for site development assistance or other eligible costs in a "pay as you go format ". 6. Tax - Exempt Bonds for Senior Apartments. * The minimum improvements for both redevelopment sites shall be made pursuant to plans that are developed with appropriate input from the City and which are acceptable to and approved by the City as part of the final Development Agreement. Said plans shall be developed in accordance with the Rice Street /Little Canada Road District Architectural Guidelines dated June 1996 a copy of which Developer acknowledges receipt of. * It is expected that the Redevelopment sites will be sold to the Developer or its assignees, with the terms of sale to be defined in the Final Development Agreement. * Developer acknowledges City's desire to have the Venetian Inn demolished as soon as practical and without incurring additional costs to the Southeast project due to filling of the foundation area. Developer shall work with City to minimize said expense with the goal of demolishing the building by no later than September 1, 2002. (Sooner would be better) * The Redevelopment Schedule for each site is defined as follows: Preliminary Development Agreement Application for Ramsey County HOME Funds Execution of Final Development Agreement Application for Livable Communities Funds Application for Contaminated Soils Remediation Closing Date Demolition of Venetian Inn Construction Start Date Construction Completion Date Southeast Site Northeast Site March 2002 March 2002 March 2002 March 2002 September 2002 Required Dates Required Dates To Be Determined September, 2002 May 2003 October 2002 To Be Determined * It is expected the Final Development Agreement will address the following matters as well as other items the parties acknowledge may be material to the Projects: 1. Public assistance package including any grants or loans. 2. Transfer of ownership of the Redevelopment Sites to the Developer on terms and conditions acceptable to the City at its sole discretion. 3