Agenda Packets - 1998/08/03 - Laserfiche WebLink

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Item No. 3 Staff Report No. Meeting Date: 8/3/98 Type of Business: WK WK: Work Session;PH:Public Hearing; CA:Consent Agenda; CB:Council Business City of Mounds View Staff Report To: Mayor and City Council From: Rick Jopke, Community Development Director Item Title/Subject: Discussion of the Mermaid Hotel Banquet Facility Tax Increment Request Date of Report: July 29, 1998 Summary: At the July 20, 1998 special work session the City Council discussed the status of the Mermaid Hotel Banquet Facility tax increment assistance request. The City Council directed staff to continue working with the developer and to report back to the City Council on progress at the August 3, 1998 work session. Staff has met with Mary Ippel from Briggs and Morgan to begin work on a development agreement to outline the responsibilities of all the parties if the EDA approves the requested tax increment assistance. The attached first draft of a terms sheet outlines the major provisions that from the City's perspective should be included in the development agreement. Staff is working with the developer to refine the draft and will report the results of those discussions at the work session. Staff has also contacted Evergreen Land Services to get an estimate of the potential relocation costs. Evergreen has estimated that the total relocation costs could be$108,000. These costs have not been included in the estimated land acquisition costs previously discussed with the City Council. Recommendation: Staff recommends that the City Council direct staff and consultants to prepare a development agreement based on the terms sheet drafted by Briggs and Morgan and any amendments discussed at the work session for review at the August 10, 1998 EDA meeting if possible. 1)rke Rick Jopke, Community Development Director N:\DATA\USERS\RICKJO\SHARE\8398MER.RPT