Agenda Packets - 1995/12/04 - Laserfiche WebLink

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Draft Request for Qualifications: I have drafted and the EDC has reviewed the attached request for qualification regarding the potential options for redeveloping the area on Highway 10 between County Road I and Sunnyside. This document is not a formal request for proposal but would provide the City with possible options for redevelopment since there is a potential opportunity to establish a tax increment district in this area. I have included the whole block as a potential redevelopment area. This may generate more interest from developers rather than just focussing on 2625 Highway 10. This does not mean that the EDA would be required to redevelop the entire block or any of the parcels it is just a document to generate ideas from the development community. Potential Tax Increment District: In discussions with Mounds View's development attorney Jim O'Meara, the EDA may want to consider establishing a redevelopment tax increment district for the block between County Road I and Sunnyside. The resolution would allow us to remove the structure on 2625 Highway 10 prior to establishing the district and still enable the property to be considered blighted for inclusion in the district. We would have three years from the date of demolition to evaluate the benefits of establishing a district in the area and still be able to include the property in the district. I have attached a draft copy of the resolution, excerpt from the tax increment financing act and memo from Mr. O'Meara relating to this matter. The resolution would not need to be signed prior to the purchase of the property but rather prior to demolition of the property. I have brought these items before you for discussion and direction only.