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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In <br />specific circumstances, the services of a professional should be sought. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member <br />of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly <br />Virchow Krause, LLP <br /> <br />The boundaries of the TIF District only include the residential properties (senior building and detached <br />townhomes) following a split of the existing property. The future restaurant and commercial pad sites are not <br />within the boundaries of the TIF District. Therefore, the estimated new taxable values and projected tax <br />increment revenues included in this analysis do not account for any taxes or increment from the future <br />restaurant and commercial properties. <br /> <br />Contract for Private Development <br />As stated, adoption of the TIF Plan for the TIF District provides the City with the authority to use tax increment <br />revenues for implementation of the proposed project but does not obligate the City to use tax increment. The <br />Contract for Private Development provides the conditions both the City and developer must adhere to in order for <br />the developer to receive tax increment financing as reimbursement for certain projects. A brief summary of the <br />terms of the Contract are stated below: <br /> <br />1. Purchase of Land <br /> Developer to purchase 17 acres of property required for the Minimum Improvements (which includes <br />future restaurant location. <br /> Purchase of two existing businesses Liquor store and Insurance, 49 Club property <br /> Developer shall also purchase house on County Road J west of the proposed development site. <br /> <br />2. Minimum Improvements <br /> Developer to build senior housing building with approximately 93 units of independent living, 50 units of <br />assisted living, and 56 units of skilled nursing units. <br /> Developer to build 20 detached town homes adjacent to the senior housing building. <br /> Developer to build club house (TIF assistance will not be provided for club house). <br /> The skilled nursing units must consist of no more than 20% of the senior housing building. <br /> The assisted living units must have kitchen facilities and bathrooms. <br /> The assisted living units must not have 24-hour nursing care. <br /> Entry monument sign at SE quadrant of site with Provision for City of Lino Lakes entrance sign. <br /> <br />3. Public Improvements <br /> Developer to dedicate all required County Road right-of-way to public at no cost (to be dedicated on plat). <br /> Developer to construct County Road turn lane improvements, as shown on approved PUD development <br />stage plan, subject to review and modification by City/County. <br /> Developer to arrange for relocation of Xcel power lines - relocated lines will be relocated underground. <br /> Developer to provide public utility easement for sanitary sewer, lift station, water main. <br /> Developer to provide County and City right of way over Parcel 5 as necessary for realignment of public <br />road. <br /> Developer must construct public road (as shown on preliminary plat) to County Road J and put in all <br />utilities and complete grading. <br /> <br />4. Declaration of Restrictive Covenants <br /> 20% of the town homes and 20% of the independent living and assisted living must be affordable to <br />individuals or families earning 50% or less of area median income OR 40% of the town homes and 40% <br />of the independent living and assisted living must be affordable to individuals or families earning 60% or <br />less of area median income. <br /> Declaration of restrictive covenants effective until the pay go note is paid in full. <br /> <br />5. Reduction of TIF Note <br /> The principal amount of the TIF Note will be reduced by the amount of any additional trunk credits or fee <br />reductions it receives from the City (not including credits already accounted for). <br /> Within sixty (60) days of the completion of the construction of the Senior Building, the Developer shall <br />provide the Authority with final construction costs of the Senior Building (including related Infrastructure <br />Improvements). If the final construction costs are less than estimated by the Developer at the time it <br />