06-24-1987 Council Agenda - Laserfiche WebLink

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PLANNING REPORT northwest 2ssoci8ted consult2nts, Inc. TO: Little Canada Planning Commission FROM: Stephen Grittman DATE: 11 June 1987 RE: Thunder Bay Second Addition - Final Plat FILE NO: 758.09 - 87.36 Mr. Donald Valento and Mr. Frank Frattalone have applied for final plat approval of the Thunder Bay Estates Second Addition. The Planning Commission approved the preliminary plat subject to access to LaBore Road being provided. The applicants have, through negotiation with the neighboring property owner and the City, arranged to purchase the Wright property and gain the required 50 feet of right -of -way necessary for a standard City street. This process involves the creation of a tax increment district, purchase of the Wright property assignable to the City, resale of the land to the developer, with the City paying for its excess costs out of the tax increment created by the new houses in the plat. The City's costs, including appropriate interest, are expected to be recovered in four to five years. The final plat is expected to take the design as shown in the attached exhibit. However, at this time, the drawings are not in final plat format, which is required to be recorded with the County. This need not present an obstacle to final plat approval. We recommend approval of the Thunder Bay Second Addition, subject to the following conditions: • Provision of final plat drawing, per City requirements. to Acquisition of the Wright property and provision of a full 50 foot right - of -way. • Removal of the Wright house. • Signing of a development contract governing the plat improvements. Page 19 4601 excelsior blvd., ste. 410, minneapolis, mn 55416 (612) 925 -9420