02/07/2019 EDAC Packet - Laserfiche WebLink

Home Search

Financial Assistance The intersection of 49 & J is a major gateway into the city and has been a high priority redevelopment objective over the past 20 years. The site has been the focus of several proposed commercial/residential development proposals. However it has proven to be a challenge for development/redevelopment due to a number of factors including: • lack of public utilities • inadequate transportation infrastructure • multiple property owners/businesses • meeting neighborhood/community expectations • development timing Over the past six months Lyngblomsten has been working to overcome these challenges, as well as address comments received from residents, advisory boards, and the City Council. Lyngblomsten has incorporated the 4 corner properties into the site plan, obtaining purchase options on each. They have also been working with Anoka and Ramsey County Highway Departments to address some of the existing traffic concerns. While still under review, the overall plan has addressed a number of long standing city goals for the area. As part of the development process Lyngblomsten has inquired about opportunities for financial assistance, citing both extraordinary public improvement and land assembly costs. While no formal application has been received at this time, staff believes there is merit in having a preliminary discussion regarding any proposed assistance. As with any financial assistance request the City would work with Springsted to examine conformance with the City's Business Subsidy Policy. Any proposed assistance will be evaluated to determine need, and satisfaction of economic development goals including but not limited to: • tax base diversification and creation, • job creation, • public improvement benefits • satisfaction of city redevelopment objectives. Assistance for redevelopment of the area has been contemplated for a number of years. The 49 & J master plan (2007) identified the possible use of financial assistance for redevelopment of the area. In 2016 the City entered into a predevelopment agreement with the owner of the 49 Club property. This agreement preserved the opportunity to establish a tax increment district as part of the site building demolition completed in that same year. The City's last Tax Increment Financing (TIF) district was completed in 2015 as part of the Distribution Alternatives facility along the 35E Corridor. 2