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<br />WS – Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br /> <br />Date: July 1, 2019 <br /> <br />To: City Council <br /> <br />From: Michael Grochala, Community Development Director <br /> <br />Re: Lyngblomsten – Draft TIF Plan and Contract for Private Development <br /> <br />Background <br /> <br />Staff presented the draft TIF Plan and Contract for Private Development at the June 24, <br />2019 special work session. The public hearing, and consideration of the TIF plan is <br />scheduled for July 8, 2019. The EDA will also hold a meeting on July 8, 2019 for both <br />the TIF Plan and the Contract for Private Development. <br /> <br />The intersection of 49 & J is a major gateway into the city and has been a high priority <br />redevelopment objective over the past 20 years. The site has been the focus of several <br />proposed commercial/residential development proposals. However it has proven to be a <br />challenge for development/redevelopment due to a number of factors including: <br /> <br />• lack of public utilities <br />• inadequate transportation infrastructure <br />• multiple property owners/businesses <br />• meeting neighborhood/community expectations <br />• development timing <br /> <br />Over the past year Lyngblomsten has been working to overcome these challenges, as well <br />as address comments received from residents, advisory boards, and the City Council. <br />The project received Preliminary Plat/PUD Development Stage approval from the City <br />Council on April 8, 2019. <br /> <br />Tax Increment Financing has been discussed over the past 5 months to help facilitate this <br />project. The 49/J master plan did contemplate the possible need for assistance to <br />facilitate redevelopment of the area. The project, as proposed, addresses a number of <br />City goals related to this area and will significantly reshape the NW quadrant of the 49/J <br />intersection: <br /> <br />• Demolition and consolidation of existing underutilized properties including <br />removal of four existing buildings. <br />• Consolidation of multiple vacant or underutilized parcels and development of new <br />commercial pad sites generating new commercial tax base. <br />• Provides new right-of-way for both proposed and future County road <br />improvements for both Hodgson and County Road J.