09-07-2021 EDA Packet - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: September 7, 2021 TOPIC: Consider Resolution No. 21-01, Approving Assignment Agreement and Restated and Amended Contract for Private Development with Lyngblomsten VOTE REQUIRED: 3/5 BACKGROUND The EDA approved the establishment of Tax Increment Financing District 1-13 and a Contract for Private Development with Lyngblomsten in July of 2019. The PUD Final Plan was approved by the City Council on July 26, 2021. The project includes 20 rental cottage homes and a senior rental housing building consisting of both independent and assisted living units. A skilled nursing facility is also planned as part of the campus. The project, as proposed, addresses a number of City goals related to this area and will significantly reshape the NW quadrant of the 49/J intersection. The public benefits include: • Demolition and consolidation of existing underutilized properties including removal of four existing buildings. • Consolidation of multiple vacant or underutilized parcels and development of new commercial pad sites generating new commercial tax base. • Provides new right-of-way for both proposed and future County road improvements for both Hodgson and County Road J. • Constructs new turn lanes on Hodgson Road including the southbound approach to County Road J. • New public street improvements and consolidation of access points to Hodgson and CRJ to improve circulation, capacity and safety along the corridor. • Construction of nearly a ½ mile of new trail linking residents west of Hodgson Road with the existing trail system to the east. • Relocate and bury existing power lines running along the corridor. • Catalyst for additional roadway improvements by Anoka County and Ramsey County including striping and turn lane improvements on County Road J to increase capacity of roadway. • Extension of public water and sanitary sewer to areas currently without service. Will include main lines to service areas east of Hodgson Road. • Extension of trunk water main through development area shortening remaining looping needs for southwest area. • Creation of approximately 130 FTE jobs with average hourly wages of $22.50/hour.