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Item No. I.fl <br /> Staff Report No. <br /> Meeting Date: August 24,1998 <br /> Type of Business: C.B. <br /> WK: Work Session;PH:Public Hearing; <br /> CA:Consent Agenda;CB:Council Business <br /> City of Mounds View Staff Report <br /> To: Honorable Mayor and City Council <br /> From: Rick Jopke, Community Development Director <br /> Title/Subject: Status Report and Approval of Resolution No. 5260 <br /> Authorizing City Staff and Consultants to Proceed With <br /> Development Agreement and Other Actions Concerning the <br /> Mermaid Hotel and Banquet.Center <br /> Date of Report: August 19, 1998 <br /> Background <br /> At the August 3, 1998 work session the City Council discussed the attached terms sheet outlining <br /> the major provisions of a tax increment financing deal to provide assistance to facilitate the <br /> development of a hotel and banquet facility at the existing Mermaid Supper club complex. Based <br /> on the consensus of the City Council at the work session, city staff,city consultants, and the <br /> developers have continued to work on this project based on those terms. In addition staff has also <br /> gathered additional information concerning the DIED redevelopment grant program and <br /> potential interest and funding by MnDOT/Met Council in park and ride facilities on the site. <br /> Staff has also sent a copy of the preliminary plan to Ramsey County staff to identify any <br /> problems they may have which need to be resolved. Staff has also scheduled a meeting with Kate <br /> Drewry from the Rice Creek Watershed District to get her preliminary input. <br /> Development Schedule: <br /> A preliminary development schedule developed for the project by Dave Maroney is attached. <br /> Depending on the final plan developed some zoning related approvals by the City may also be <br /> required including rezoning, and/or development review. These approvals could occur in October <br /> and November. <br /> Development Agreement: <br /> A draft development agreement has been drafted by Briggs and Morgan for the City. A copy has <br /> been sent to the developers for their review. It is anticipated that a separate agreement will be <br /> necessary for each development entity(hotel,banquet facility, etc.) because there will be separate <br /> ownership groups. The proposed$1,700,000 TIF assistance and required security will be divided <br /> up and assigned in the agreements. <br />