05-08-1996 Council Agenda - Laserfiche WebLink

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Mayor & City Council May 3, 1996 Page 2 Ultimate Golf) The Guerin property was recently appraised. The cost of appraising the remaining parcels is $8,250. * Attempt to negotiate options to purchase based on the appraisals. Consideration must also be given to relocation costs if applicable. * Once options are obtained on enough parcels to allow a reasonable redevelopment effort, Phase I environmental reports should be obtained. The cost I have initially been quoted for this work is $1,200 per parcel for a total of $7,200. Any Phase I environmentals that have been done recently on designated properties would reduce this amount. If problems are indicated, a Phase II report may be necessary. * Continue financial analysis of transactions to determine parameters for TIF financing, resale value of the property, assessment rates, and other potential incentives. (Rusty Fifield will work on this matter as more information becomes available.) * Information obtained from streetscape planning and other information gathered relative to the RFP process to be in final form by August 1st. RFPs to be tendered by mid - August. Funding for these costs can be obtained by transferring $25,650 from our Thunder Bay TIF District for administrative fees to our economic development fund. These fees were previously budgeted for but not drawn down. These costs will be considered and advanced to the Rice Street TIF District and should be recouped from that district when projects go forward. If the Council is in agreement, ratification of these steps is necessary to proceed. With your approval, I would commence preliminary discussions with involved property owners. We should also send out a letter to all properties in the redevelopment area making them aware of project status and plans for the future. JRH:kpv cc: Rusty Fifield Michael Schroeder Page 27