Agenda Packets - 1998/04/27 - Laserfiche WebLink

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residents, especially children, given the proximity to Highway 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 density 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 Impact of Project The development of the parcel as contemplated will provide a windfall of tax revenue to the City of Mounds View. Presently the City owned parcel generates no taxes. The four single-family residential parcels collectively generate less than approximately $6,000 tax revenue per annum. ' Assuming a project value of$2.2 million dollars, including land, and a very conservative 3% tax figure, the property taxes will jump to $66,000 per annum. We have requested no public participation in this project. Conversely, we have agreed to pay over two times that which was contemplated by the multi-family developer for the City owned parcel. Our purchase price allows the City of Mounds View to recoup its entire purchase price on the.site. • Effect on Natural Features and Open Space The proposed project will indeed affect the amount of impervious surface relative to that which exists today. However, given 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-