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The northern property was originally envisioned for smaller retail pads with municipal sanitary <br />sewer and water bisecting the site. To facilitate the proposed development, the north/south run <br />will need to be relocated westerly from its current location. <br />Soil Corrections and Floodplain Miti _ ag tion <br />A large portion of the northern 30 acres requires significant soil correction in addition to fill <br />material to support the proposed buildings. The existing flood plain and wetlands on the site will <br />need to be reconfigured and mitigated for to facilitate development. <br />Street Improvements <br />21" Avenue currently provides service to the southern 10 acres, however, the road is planned to <br />be extended to connect with Cedar Street. 21 st Avenue is considered a minor collector in the <br />City's Transportation Plan. <br />Ryan Companies has submitted a request for Tax Increment Financing (TIF) to assist with what <br />they consider extraordinary costs associated with the site development. These include soil <br />corrections, substantial site fill, utility relocations and the street extension. Ryan Companies has <br />identified a financial gap of $6.7 million. While Ryan is still evaluating potential avenues to <br />reduce site development costs, the need for assistance is still anticipated to complete the project <br />as proposed. <br />An Economic Development district provides for the collection and use of tax increment over a <br />maximum period of 9 years. Based on the estimated valuation the estimated revenues available <br />over the term of the district is projected to be approximately $4 million. City staff is working <br />with Baker/Tilly, City Financial Advisor, to evaluate the request and the project pro forma. Staff <br />is proposing to bring a financing recommendation and draft TIF plan to the City Council for <br />discussion at the September work session. If the project moves forward a public hearing and <br />consideration of the TIF plan would likely be held in October. <br />Reauested Council Direction <br />Staff is requesting City Council direction on the following: <br />1) Would the City Council support the proposed land use change from Commercial to <br />Business Campus? <br />2) Would City Council be opposed to using increment from the full term of the district? <br />Attachments <br />1. Site Location Map <br />2. Concept Plan <br />3. Draft TIF Project Schedule <br />