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FROM LPFL111 HOFFMmH HIIOLR <br />F. 1 <br />Business Development Services In, <br />* ** M E M 0 R A N D U M * ** <br />T0: Little Canada Economic Development Commission <br />FROM: Business Development Services, Inc. <br />DATE: June 26, 1989 <br />RE: COUNTRY DRIVE REDEVELOPMENT SITE <br />Information for 7:30 A.M., Thursday, July 29th Meeting <br />After months of study and discussions with several developers <br />regarding the Country Drive redevelopment site, the following <br />issues have been identified: <br />A. The most compatible land use for the area will probably <br />be office /warehouse /showroom, with some limited <br />neighborhood commercial uses. <br />B. Several of the property owners in the area have <br />expressed a desire to have a developer acquire all of <br />the property as soon as possible. This would allow them <br />to sell their homes and relocate rather than occupy the <br />property while development is occuring. <br />C. It is unlikely that the entire 11 acres can be developed <br />at one time. The more feasible scenario will be that of <br />a multi - phased project. <br />D. The use of Tax Increment Financing is key to the <br />development of the site. Based on the assumption that <br />property taxes generated from new development would <br />average approximately $65,000 to $80,000 per acre, the <br />TIF subsidy could be used to reduce the land cost <br />to a range of $1.25 to $1.50 per square foot. This <br />reduction of land costs should make the project <br />feasible. <br />Page 29 <br />8990 SPRINOBROOK DRIVE • SCITE 430 • MINNEAPOLIS, MN 55433 • PHONE: 612/786.6151 <br />