1998 Planning Commission Packets

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residents, especially children, given the proximity to Hijhway 10. Additionally, the City, several months ago, attempted to market the City owned parcel to a broad variety of uses. Given the site configuration, the development of the parcel as anything but multi-family residential was not possible at that time. Through the inclusion of the four single-family residential lots, we have created a parcel that is developable as something other than multi-family residential. We feel we are bringing forth a very reasonable densiry in use, in the form of a B2 zoning, for the area. We respectfully request the Planning Commission and City Council to contemplate the following question: "Is it not reasonable for the fourth corner of this intersection to be guided as commercial?" Tax�ba_ _ ct�o, f Proiect The development of the parcel as contemplated will provide a windfall of tax revenue to the City of Nlounds View. Presently the City owned parcel generates no taxes. The four single-family zesidential parcels collectively generate less than appro.ximately $6,000 tax revenue per annum. Assuming a project value of $2.2 million dollars, including land, and a very conservative �% tax figure, the property taxes will jump to $66,000 per annum. We have requested no public participation in this project. Convezsely, we have agreed to pay over two times that which was contemplated by the multi-family developer for the City owned parceI. Our purchase price ailows the City of Mounds View to recoup its entire purchase price on the site. E�'fect on Natzcral Features and Otien S�ace The proposed project will indeed affect the amount of impervious surface relative to that which e:�ists today. However, ;iven the overall buffer area, and our plan to maintain mature landscaping located within the buffer, and the requirement to maintain storm water detention on-site, we feel that the overall impact to the area will be negligible. -5-