08/28/2000 Council Packet - Laserfiche WebLink

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Under the draft comprehensive plan, the city has approximately 600 acres of land zoned for commercial, 550 zoned for light industrial, and another 900 acres designated for future commercial /industrial development in the Rural Business Reserve. Light Industrial The Apollo Business Park on 35W is a light industrial park initiated by the city when it purchased 36 acres of undeveloped area in 1990. Light industrial development includes office/warehouse, manufacturing, and wholesale distribution facilities. A public - private partnership was established with an adjacent land developer to develop a 100 -acre park. A nine -ton county road and full utilities are completed in the park. The city began actively marketing the park in 1993. To date, a total of 15 new buildings have been constructed or are in the approvals process, totaling more than $13 million in market value. These facilities will eventually generate more than one -half million dollars in additional tax revenue. The city sold all its property to business developers one year before its contract for deed came due and realized a substantial profit on the land. Approximately 20 acres of land owned by the private developer remains. The remaining land, when developed, could generate in the range of $8 million in additional market value and another $375,000 in annual taxes. While this remaining property has been slow to develop, it is in a TIF district that has potentially eight years remaining. All the projects in Apollo Park have received tax increment financing assistance. Several are now on the tax rolls, with the remaining built facilities coming on between 2002 and 2008. The light industrial business park called Clearwater Creek Development Center, located on 35E, has three new businesses since 1995 totaling more than $10 million in market value, and will generate close to another one -half million dollars in property taxes. This park has tremendous potential for future business development. A nine -ton county road is now complete, opening the center of the park for development. Trunk utilities have been installed. A development partnership has purchased much of the remaining property and has a concept plan calling for approximately $30 million in additional market value, generating $1.2 million in annual taxes. This development is likely to take three to 10 years to full development. The new Lakes Business Park on Lake Drive will begin development in 2000. This 60 -acre park provides additional potential for new light industrial business in Lino Lakes. This park does not have interior roads or utilities available and would be developer initiated. The concept plan by Glenn Rehbein Companies shows 335,000 square feet at total buildout. This has the potential to generate in the range of $12 million in market value and one -half million dollars in annual taxes. This property is in an economic development TIF district, with eight years remaining. 2