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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 4, 1999 <br />RE: Economic Development Update <br />Rice Street: <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jlm LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />No new information has been received on the Rice Street/Little Canada Road project since our <br />last meeting. Mr. Collyard has informed me he would like to meet on June 7th to give me a more <br />current update on this project. <br />Mr. Rutzik has been out of town so I have had no further conversations with him. I did a TIF <br />review of this project (see copy of spreadsheet attached). You will note that his proposal appears <br />to have a significant financial hurdle to clear before it would be feasible. <br />Country Drive: <br />Mr. Gagne and Mr. and Mrs. Rice have provided me with the appraisals they commissioned for <br />their respective properties. I am still in the process of reviewing that information. I am <br />becoming more concerned that if we are not able to put the project together shortly, feasibility <br />becomes more difficult. Based on anticipated land prices given recent appraisals I have received, <br />and the fact that I believe we will only have 13 years of increment collection because it is not <br />likely a project can be completed yet this year, the TIF analysis for the 54,600 square foot <br />office /warehouse building is in a deficit position. I will continue to massage these numbers in <br />the next few days. I will also be giving Mr. Gagne my final concept for his consideration. Based <br />on his response, we will know whether a project can be accomplished or not. <br />JRH:kpp <br />cc: Rusty Fifield <br />Gary Collyard <br />Sherman Rutzik <br />Don Gagne <br />Page 30 <br />