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2004-139 Council Resolution
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2004-139 Council Resolution
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Last modified
11/7/2014 1:15:10 PM
Creation date
11/7/2014 1:07:39 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/12/2004
Council Meeting Type
Regular
Resolution #
04-139
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85 E. SEVENTH PLACE, SUITE 100 <br />SAINT PAUL, MN 55101 -2887 <br />651- 223 -3000 FAX: 651-223-3002 <br />./ <br />MEMORANDUM <br />TO: <br />FROM: <br />SPRINGSTED <br />Advisors to the Public Sector <br />Gordon Heitke, Director of Administration Lino Lakes <br />Michael Grochala, Community Development Director Lino Lakes <br />Mary Alice Divine, Economic Development Coordinator Lino Lakes <br />Al Rolek, Finance Director Lino Lakes <br />Paul Steinman, VP Housing & Economic Development <br />Terri Heaton, Senior VP Client Representative <br />Mikaela Huot, Project Manager <br />CC: Steve Bubul, Kennedy & Graven <br />DATE: September 20, 2004 <br />SUBJECT: Legacy at Woods Edge Project Analysis <br />Revised section on minimum assessment/value agreements <br />This purpose of this memo is to provide an outline of the primary development points of the <br />Legacy at Wood's Edge project. <br />Background <br />The project as proposed includes a geographic area of about 40 acres. Of that, approximately <br />half lies within TIF District 1 -11, a redevelopment district. This split development is a bit unique, <br />and provides a number of financial advantages to the City which will be discussed later in this <br />memo. The following states the value of new construction for each component of the proposed <br />project: <br />• Outside the TIF District $60,131,100 - $68,006,100 <br />• Inside the TIF District $55,785,000 - $69,855,000 <br />Total estimated final value of project $115,916,100 - $1 37,861,100 <br />The build -out schedule anticipates the final commercial and multi - family projects will be <br />completed in 2008, allowing full value of the development to be assessed 2009 for taxes <br />payable 2010. <br />This Hartford proposal has been under consideration for about a year. Since that time staff and <br />Springsted, along with Kennedy & Graven, legal counsel, have held numerous meetings to <br />discuss the major development points of the project — including planning, timing, financing, <br />CORPORATE OFFICE: SAINT PAUL, MN • Visit our website at www.springsted.com <br />IOWA • KANSAS • MINNESOTA • VIRGINIA • WASHINGTON, DC • WISCONSIN <br />- 8 6 - <br />
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