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08-24-1998 EDA Packet
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08-24-1998 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
08/24/1998
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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 8/24/98 <br />TOPIC: Discussion Item: Development Proposal, JADT <br />Development Group (Shopping Center) <br />BACKGROUND: <br />Tim Baylor of JADT Development Group has been working with his development <br />team for the past year to assemble land and produce a conceptual plan for the <br />shopping center in the Town Center. He is requesting economic assistance in <br />the development of the shopping center. <br />Various alternatives for providing public assistance to the project have been <br />considered. Lino Lakes has limited ability to provide financial assistance to the <br />project, since tax increment financing is not available. <br />The developer has estimated assessments for Phase 1 at $610,000, plus related <br />engineering costs. Preliminary discussions with Bruce Munneke, the county <br />assessor, reveal that a fully developed Phase 1 should generate net property <br />taxes of approximately $335,723 per year. Net city taxes generated from a fully <br />developed Phase 1 would amount to approximately $69,600 per year based on <br />1998 tax rates. <br />Staff recommends the city consider a "non -TIP' pay-as-you-go assistance. In <br />this arrangement, JADT would be assessed for public infrastructure <br />improvements to the shopping center. The city could reimburse the city portion <br />of taxes generated until the developer had recouped the cost of assessments, or <br />10 years, whichever came first. The city's commitment would be formulated in an <br />agreement effective only if development began within a specified time frame. <br />The pros and cons of the proposal: <br />Disadvantages: <br />• It would be 10 years before the city received its portion of the taxes on the <br />shopping center site <br />
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