04-19-1999 WS - Laserfiche WebLink

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$166,600 (present value) • A Development Agreement with Everest [a/k/a Michael Investments] for the "Building N" site [the last undeveloped site in the Mounds View Business Park] has been approved and amended a number of times but has not yet been signed • It is anticipated that Building N will be either a 97,463 sq. ft. building or a 69,582 sq. ft. building; under the proposed pay-as-you-go financing, the Developer would receive reimbursement of up to $1 .2 million for land value, site improvements and infrastructure costs, payable though 2- 14- 2014. District 2 - Highway 10 g y • Created in 1988 • 25 Year Redevelopment District • Last increment year - 2013 • Minimal activity over the years - no bonds have been issued in this district • In 1994, the EDA approved a pay-as-you-go agreement in the amount of $1 .7 million over 15 years for the development of Silver Lake Pointe Senior Housing [a/k/a Heartland MV Common Bond LLC] • On 3-9-98, the EDA adopted a Resolution approving pay-as-you-go tax increment financing assistance for two office buildings to be constructed near the new Holiday Stationstore: a 25,000 sq. ft. (two story) building and a 5,000 sq. ft. (one story) building • It is envisioned that the Developer would receive 90% of the tax increment generated by the office buildings, not to exceed a present value of $240,000, paid over a maximum of 5 years • District 3 - Sysco • Created in 1988 • 25 Year Redevelopment District • Last Increment Year - 2013 • Issued bonds totaling 1 .76 million • Over 500 jobs created for corporate headquarter facility - several small expansions since bldg. was originally constructed • Approved a pay-as-you-go agreement for the Bridges Technology Park [a/k/a Midwest I.V. and/or Bridges Leasing Company LLC] in 1995 -