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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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<br /> <br />Factors Affecting Financial Condition (Continued) <br />In 2004, the City entered into an agreement with a master developer to develop 40 acres in the southeast <br />quadrant of I-35W and Lake Drive. Called Legacy at Woods Edge, this mixed-use development is <br />intended to include diverse opportunities for housing, retail and office uses. To date, the development <br />includes the Lino Lakes Civic Complex (which houses the city hall and police station), the Chain of <br />Lakes YMCA, a 60-unit workforce housing project, 13,000 square feet of leasable commercial space, and <br />an assisted living facility. The Civic Complex and YMCA provide a civic and community focus as part of <br />the vision for Town Center. A workforce family housing and assisted living facility provide diversity in <br />housing to underserved populations within the City. <br /> <br />In 2006, the City placed a major focus on reconstruction of the 35W/Lake Drive interchange and <br />completion of public improvements in Legacy at Woods Edge to accommodate planned development and <br />completed the improvements by 2008. However, it became evident at the end of 2007 that development <br />was stalling. The recession has had negative impacts on the Legacy development. Both the master <br />developer and lender defaulted, sending the remaining 22 acres intended for townhomes and commercial <br />uses into tax forfeit. Development conditions have begun to improve relative to the Legacy property. <br />During 2013, the assisted living facility purchased an adjoining parcel to expand its current operation. <br />The 36-room addition was completed in 2014. In addition, the State Legislature approved City-initiated <br />special legislation which has allowed the City to acquire the tax forfeited property from the State at no <br />cost except for an administrative fee payable to Anoka County if future sale revenues exceed the value of <br />the special assessments on the property. The acquisition of this property will allow the City greater <br />control in marketing the property to potential developers. The solid foundation that was built and strong <br />interest by developers prior to the recession ensures that better economic times will once again bring the <br />interest in residential and commercial growth needed to complete the vision. Street, streetscape, water, <br />sewer, and storm water improvements, as well as a small community park, have been installed within the <br />development area and assessed to the development. The $11.1 million I-35W Interchange improvement <br />was financed through the joint efforts of MNDOT, Anoka County and the City of Lino Lakes. The City <br />has issued $4,215,000 in G.O. Tax Increment bonds and will use tax increment financing and Minnesota <br />State Aid funds to finance its portion of the project cost. <br /> <br />In anticipation of a strengthening economy, the City took the lead on developing the infrastructure needed <br />to service future growth on the 35E/County Road 14 interchange area. A major reconstruction of the <br />interchange completed a multi-year improvement of County Road 14 from Highway 61 in Hugo, through <br />Centerville, to 35W in Lino Lakes. The City portion of the cost for this bridge reconstruction project is <br />being financed through Anoka County, with the City issuing an initial $4.26 million General Obligation <br />Note to the County. Due to cost savings in this project the Note was amended to $3.695 million in 2011. <br />The city prepaid the Note with Anoka County in 2017 using MSA funds. <br /> <br />With both major interstate interchanges complete, the City is preparing for development of several <br />hundred acres in all quadrants of 35E/14. Interest in the commercial interchange has spurred the extension <br />of Otter Lake Road North east of I-35E and the extension of 21st Avenue west of I-35E, which will leave <br />the City well poised to accommodate significant future industrial, commercial and residential <br />development. A McDonald’s restaurant was completed in 2014 at CSAH 14 and Otter Lake Road. In <br />addition, Metropolitan Transit has constructed a 300 space Park and Ride at I35-E at CSAH 14 and 21st <br />Avenue. <br /> <br />Development activities continued to increase in 2017. Residential permit activity surpassed 100 for the <br />second consecutive year with 133 issued. Commercial development continues to show signs of recovery <br />as new construction activities and development planning emerges. National Builder, DR Horton <br />5
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