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09/14/1998 Council Packet
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09/14/1998 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/14/1998
Council Meeting Type
Regular
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AGENDA ITEM 3 <br />STAFF ORIGINATOR Brian Wessel <br />DATE: 9/14/98 <br />TOPIC: Consideration of Resolution No 98-04 Authorizing <br />the Preparation of a Redevelopment Project Plan <br />BACKGROUND: <br />Redevelopment Authorities, such as the Lino Lakes EDA, are authorized by <br />state law to establish redevelopment projects in areas of the community which <br />have not developed up to their potential solely through private enterprise. A <br />Redevelopment Project Plan is prepared whit* identifies the geographic <br />boundaries of the project and describes the goals and objectives the Authority <br />seeks to achieve in that area. The Plan also identifies specific redevelopment <br />projects which the authority intends to assist and the method of financing those <br />projects. <br />The most common financing tool, and the one most familiar in Lino Lakes, is tax <br />increment financing. There are other forms of assistance, however, which must <br />be employed when TIF is not available. The method being proposed in this <br />instance functions much like TIF, but involves only the city's portion of taxes <br />generated by new development. <br />Tim Baylor of JADT Development Group has been working with his development <br />team for the past year to assemble land and produce a conceptual plan for the <br />shopping center in the Town Center. He is requesting economic assistance for <br />the shopping center development. <br />According to the county assessor, a fully developed Phase 1 as illustrated in the <br />concept plan should generate net property taxes of approximately $335,723 per <br />year. Net city taxes generated from a fully developed Phase 1 would amount to <br />approximately $69,600 per year based on 1998 tax rates. <br />Staff recommends the EDA authorize establishment of a Redevelopment Project <br />to include all land within the Town Center boundaries. This would allow the EDA <br />the opportunity to provide assistance where appropriate to control the type and <br />quality of development the city wants in its Town Center. <br />
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