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Advantages: <br />Residents of the city would be provided the shopping opportunities and <br />services not presently available in Lino Lakes. Professionals in the <br />development community have estimated it may be five or more years for a <br />shopping center to develop if incentives are not provided. <br />• The city would have control over development that it would not have without <br />public participation. A development agreement can include expectations of <br />the developer in the areas of architectural and landscape standards, shared <br />parking, transit services and other city requirements. <br />• Only the taxes that are generated by development are reimbursed. The city <br />will be under no obligation to pay more than the taxes that are generated. <br />• The Forest Lake School District and the county receive their portions of the <br />additional tax base, adding to overall tax base stabilization within the city. <br />The process for providing assistance through the reimbursement of the city <br />portion of the taxes begins with the EDA authorizing the preparation of a <br />Redevelopment Project Plan. A redevelopment area could include additional <br />land within the Town Center or along Lake Drive, providing the city with an <br />opportunity to have more control over the type and quality of development that <br />occurs. <br />OPTIONS: <br />1. Authorize the preparation of a Redevelopment Project Plan and direct staff to <br />proceed with the negotiations for a development agreement with JADT. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />This is a discussion item only. EDA can take action if they desire by directing <br />staff to move forward with preparation of the Redevelopment Project plan and a <br />development agreement. <br />