Laserfiche WebLink
December 29, 1999 <br />Page 2 <br />assessments between $50 and $100 per lineal foot of abutting property with the final <br />amount to be determined by the City Council in the next few months. <br />♦ Site Contamination — A service station once existed on a portion of this site. Significant <br />contamination exists at the southwest portion of the site. (See Attachment "D" for a <br />detailed discussion of contamination and remediation proposal.) To rectify this problem, <br />a soil vapor extraction system will need to be constructed. It is our opinion that it would <br />be best to incorporate this system into the new building to be constructed. It is estimated <br />that four years will be needed to properly vent the site to eliminate the contamination <br />problem. The City will assist in offsetting the cost of the remediation program. <br />♦ Redevelopment Plan — Attachment "E" is a portion of our redevelopment guide for this <br />area. This information discusses our goals and objectives for the long -term viability of <br />this key commercial area of the City. Any development proposal received should attempt <br />to address these objectives. <br />♦ Tax Increment Financing — The City is prepared to use tax increment financing (TIF) to <br />help offset redevelopment costs. We are prepared to use TIF to reduce the land price to a <br />traditional market rate value. However, if a worthy development proposal is received, <br />and subject to financial feasibility, the City will consider providing additional assistance <br />as an incentive to achieve a project deemed of greater value. <br />♦ Possible Inclusion of US Bank Property — On Attachment "A ", a crosshatched portion <br />of property exists which is currently owned by US Bank Corporation. Under the right <br />circumstances, the City would consider adding this parcel to the redevelopment project <br />should a worthy proposal be put forth. TIF assistance would be available to assist in this <br />regard. The City would also provide assistance in assembling this site, subject to the <br />execution of an appropriate development agreement. <br />♦ Trade Area Information — Attachment "F" is demographic information prepared by <br />Maxfield Research Group. It is being included for your review as you contemplate the <br />development potential of this site. <br />♦ Proposal Information Desired — Your proposal should address the following: <br />Source of services you will provide. <br />- Type of business use to be targeted based upon your impressions of the site. <br />- Estimated time you feel is necessary to attain success. <br />- Fee /payment structure. <br />- Any other information that indicates why you will be successful for us. <br />Any special conditions you would impose. <br />Page 16 <br />