04/22/1996 Council Minutes - Laserfiche WebLink

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COUNCIL MEETING APRIL 22, 1996 Mayor Landers told the audience that the City Council will take all comments into consideration and will make a final decision on this matter at the May 13, 1996 regular Council meeting. He asked Mr. Weigold to stay in touch with Mr. Ahrens. Mayor Landers said that he has received 101 telephone calls and two (2) letters supporting a signal light in one option or another. He thanked everybody for their input. The City Council took a break at 10:07. Mayor Landers called the City Council back into session at 10:18 P.M. CONSIDERATION OF RESOLUTION NO. 96 - 43 APPROVING THE FINAL PAYMENT OF CONTRACT FOR DEED FOR APOLLO BUSINESS PARK, BRIAN WESSEL Mr. Wessel explained that in 1992 the City made the decision to purchase 36 acres of property in the Lino Lakes Industrial Park on a contract for deed from James and Diane Schilling. The purpose of controlling the property was to bring improvements to the park and open the area for industrial development. Since that time, the City has sold 11.6 acres for five (5) projects in the park. This enables the City to pay off the contract for deed eight (8) months early, saving thousands of dollars in interest. The proceeds from the remaining nine (9) acres of buildable land will help to ensure the future strength of the City's economic development effort. Including the new development that will be under construction this spring, development in both the City -owned and privately owned portions of the park has increased annual tax revenue by approximately $250,000.00. Full buildout of both portions of the park could generate approximately 1.5 million dollars per year in property taxes. Resolution No. 96 - 43 approves the payment to the Schillings for the remaining principle on the contract for deed. Council Member Kuether asked where the money will come from to pay off the contract for deed. Mr. Wessel explained that it comes from the sale of the lots. Council Member Kuether moved to approve Resolution No. 96 - 43. Council Member Neal seconded the motion. Mr. Schumacher thanked Mr. Wessel for the work he has done in marketing the Apollo Business Park. When the City entered into the contract for deed five (5) years ago, it was hoped that the City would have most of the lots sold by the end of the contract. Sale of lots have realized enough cash so that the contract for deed can be paid before the end of the contract. Voting on the motion, motion carried unanimously. PAGE 40