07-28-1997 EDA - Laserfiche WebLink

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7-25-1997 0:04AM FROM MSP REAL ESTATE. INC. 612 336 4565 P. 3 3. MSP's proposal would put children in unsafe conditions along Highway 10. Red Oak Apartments, as it currently exists, is unsafe,forcchildren because the only open greenspace available for play is along the Highway l0;iight9,f--way. Our propoat provides 2 structured play areas and an indoor community space where children are safe to play. We also propose to provide fencing along the Highway 10 corridor to keep children away from the Highway. Our proposal provides for safe play, whereareas the current situation is unsafe. 4. *minds View does not need anymore rental property. City staff, the council'and the community as a whole agree that Mounds View needs to substantially upgrade the quality of its existing rental housing stock. Our proposal provides exactly this quality upgrade to the community's worst kept apartments,and solves child safety issues and crime problems by adding amenities and reducing density. This level of quality improvement can only be accomplished by including new construction along with the rehab. The tradeoff is providing 16 additional rental townhomes (which Mounds View currently has none to offer) versus a substantial rehab which would otherwise be unavailable. We believe this is a win-win for the city-- • accomplishing rehab goals and offeting housing diversity not currently available in the city. 5. The increase in real estate taxes does not offset the increase in services with this development proposal. The key here is that under our proposal, Mounds View's tax base will increase. The normal increase in services with the addition of 16 new townhomes should be more than covered with the increased tax base. It should be pointed out that the developer,not the city, will be responsible for installing and maintaining rroadways, installing water, sewer and fire hydrants, as well as plowing and cleaning roadways. It is also likely that police calls will decrease, reducing current police requirements regarding this property. Because of recent legislative changes, taxes on the Red Oak Apartments will likely decrease substantially in 1998 if our development proposal does not go through (see letter dated 7/24/97): Current Taxes: $30,130 1998 Taxes: • $8,892 MSP Projected Taxes: $37,493 • Mounds View's tax base will increase by $28,601, ($37,493-S8,892) under the MSP proposal.