08-24-1988 Council Agenda - Laserfiche WebLink

Home Browse Search

northwest Essociared consultEnts, inc. MEMORANDUM TO: Joe Chlebeck FROM: Dan Wilson DATE: May 10, 1988 RE: TIF Status - Gardner Bros. and Larry Lee FILE NO: 758.09 - 88.16 & 88.21 Per your request, the following is a status report on the above two TIF Projects. Gardner Brothers. Mr. Carley, The City Engineer has been requested to estimate the cost of the possible public improvements to be financed by the TIF proceeds. The best of improvements include Desoto Street, sewer and water extensions and a storm sewer pond. Before the City can committ to all the improvements, we must know their estimated cost. I spoke with Mr. Dave Heller at Gardner Brothers. He is in process of arriving at construction costs estimates for the proposed office building He will provide construction plans and cost estimates so that we can request the assessor to arrive at an estimated arrived real estate tax. When we have the above cost and revenue information, we will be able to determine the supportable bond issue for this project. Mr. Farnham with and Moody will be involved in this determination. Ms. Mary Ippel with Briggs and Morgan will become involved in the preparation of a development contract. The contract will detail the Developer's and City's obligations. We will prepare the TIF Financing Plan as soon as we leave defined the improvements to be completed by the City of how they will be paid for. It is still premature to set up a public hearing. I would like to have the plan done by the time th public hearing notice is published. The notice says the plan is available for public review. Larry Lee Project It is desireable to package the Larry Lee Project with the Gardner Brothers Project. It would save mostly in the cost of plan preparation and bond issuance costs. Page 64 4601 excelsior blvd., ste. 410, minneapolis, mn 55416 (612) 925 -9420