12-20-2004 EDA Packet - Laserfiche WebLink

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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota AT INTER OF C/L OF T H NO 8 & S LINE OF SD NW1/4 TH N 24 DEG 56 MIN E ALG SD C/L 1778.6 FT, TH S 65 DEG 4 MIN E 40 FT TO ELY RNV LINE OF SD RD & POB, TH CONT S 65 DEG 4 MIN E 295 FT +OR- TO E LINE OF SD 1/4 '/4, TH N ALG SD E LINE 187.47 FT, TH N 65 DEG 4 MIN W 220 FT TO E R/W LINE OF SD RD, TH S 24 DEG 56 MIN W ALG SD R/W LINE 170 FT TO POB, EX PRT PLATTED AS THE VILLAGE NO 1, EX RD, SUBJ TO EASE OF REC. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above, and those shown in the map attached as Exhibit I. Section H Property to be Acquired in the TIF District The Authority may acquire and sell any or all of the property located within the TIF District or reimburse the developer for acquisition of that property. Section I Specific Development Expected to Occur Within the TIF District The proposed development will consist of a large mixed use project. Major components include lifecycle housing with townhomes, apartments, condos, workforce and senior housing. Also expected to be included in the project are commercial pad sites. The project will be built in phases beginning in 2004 and ending in 2010. Commercial, rental and owner -occupied housing would be under construction simultaneously. Tax increment will be used to finance a portion of the redevelopment and construction costs. The project is expected to be fully constructed in 2010 and be 100% assessed and on the tax rolls as of January 2, 2011 for taxes payable in 2012. The project is proposed to be completed in phases over a 7 year period. At the time this document was prepared there were no signed development contracts with regards to the above described development. Section J Findings and Need for Tax Increment Financing In establishing the TIF District, the City makes the following findings: (1) The TIF District qualifies as a redevelopment district; A building condition assessment was completed by SEH in the fall of 2003 for the proposed site. The report found that parcels consisting of 100% of the area are occupied and 100% of the buildings are structurally substandard. See the summary of the substandard qualifications in Appendix A. SPRINGSTED Page 5