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07-26-1989 Council Agenda
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07-26-1989 Council Agenda
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FROM LIRLIN HOFFMt7H PNOF.0 <br />COUNTRY DRIVE REDEVELOPMENT SITE <br />June 26, 1989 <br />Page 2 <br />..30. F. 2 <br />E. Several developers have expressed a concern about the <br />visability of the site. It would be possible to lower <br />the site somewhat, however, if the site is lowered much <br />beyond 5 of 6 feet, additional costs will then be <br />incurred to relocate and lower the utilities. It may be <br />possible that some of this cost could be offset by the <br />use of municipal state aid funds which are available <br />for road and utility construction. <br />F. At least two developers suggested that the TIF district <br />be expanded. There was a suggestion that consideration <br />be given for expanding the area westward and there was <br />also concern expressed for expanding the area to include <br />the Suburban Auto Body building at the extreme north <br />boundary of the study area. <br />G. In order to protect the financial commitment on the part <br />of the City, it will be necessary to require some type <br />of financial guaranty from the developer to assure that <br />adequate funds will be available to make the Tax <br />Increment Financing bond payments. <br />Presently, there are two developers, Act 90 and Yorkton, Ltd., <br />seriously interested in working with the City to develop the <br />Country Drive site. After reviewing the verbal presentations of <br />the two developers, the Commission may wish to recommend to the <br />City Council that a Letter of Intent be drafted to provide a <br />framework for establishing a fi.rmproject and financing program. <br />A key component of the City's assistance for the redevelopment of <br />Country Drive would be the use of Tax Increment Financing. To <br />facilite the appropriate review and discussion for the City's use <br />of this vehicle, we wanted to review the key Tax Increment <br />Financing components as it relates to this project. <br />TYPE OF TAX INCREMENT FINANCING DISTRICT <br />This district would qualify is a "Redevelopment Tax Increment <br />District ", as defined by Minnesota State Statutes. To qualify as <br />a redevelopment district, 70 percent of the parcels must be <br />occupied by buildings and at least 20 percent of the parcels must <br />be occupied by buildings which are "substandard ". Meeting the <br />substandard test is most often accomplished in conjunction with <br />the City's building inspector. <br />Page 30 <br />
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