04-10-1991 Council Agenda - Laserfiche WebLink

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515 Little Canada Road, Little Canada, MN 55117 -1600 (612) 484 -2177 / FAX: (612) 484 -4538 MEMO TO: Mayor Hanson and Members of the City Council FROM: Joel Hanson, City Administrator DATE: April 5, 1991 RE: Potential for Home Buy Out Along Country Drive MAYOR Raymond G. Hanson COUNCIL Beverly Scalze Bill Blesener Rick Collova Jim LaValle ADMINISTRATOR Joel R. Hanson At the last Council meeting, I was directed to conduct an evaluation regarding the potential for the City purchasing the home of Mark Malsam using excess tax increment financing proceeds from Kandice Heights Development. Based on my review of the situation, I have expanded that analysis to include the ljuuy out of all three homes to insure that the City will have a salable parcel at some point in the future. This does not necessitate the City having to actually purchase the homes at this point in time, but does require that we take whatever steps are necessary to be sure that the City has the option of purchasing that property in the future. Pat Pelstring of Business Development Services has done some analysis regarding excess increments generated from the Kandice Heights Developments Phases I thru III. Having just received this information on Friday afternoon, I have not been able to complete my analysis to the point of allowing me formulate a detailed recommendation. However, I can make the following statements and give you a perspective on where I feel our options are heading. These factors are as follows: * The potential looks promising for at least one house with just using the Phase I excess increments. * The potential looks promising for all three homes assuming Phases I, II and III are reality. * Phase II does not add significantly to the excess increments. In fact, this appears to be a marginal project given the amount of initial assistance and the tax increment generated. Further review will be conducted regarding this matter. P' g 1" 3 6