09-28-1995 - Laserfiche WebLink

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HIGHWAY 10 REDEVELOPM 1-N T REPORT • I. HISTORY OF DEVELOPMENT IN MOUNDS VIEW In the 1930's Mounds View consisted predominately of vacant land with scattered farms and few roads until the late 30's when the first homes were built. In the 1940's, some of the first businesses established on the Mounds View Corridor included The Mermaid, Donatelle's and the Bel-Rae Ballroom. In the early 1970's First State Bank was established and significant single- family home development occurred. The Mounds View Industrial Park began to develop with Century Motor Freight in 1973. Mounds View Square Shopping Center development was in 1974 and Silver View Plaza followed 10 years later. The most recent major developments occurred after 1988 with the establishment of the Mounds View Business Park and in 1995 with the construction of Silver Lake Point Senior Apartments. II. TIF DISTRICTS IN MOUNDS VIEW Mounds View has three Tax Increment Districts with a total of$1,573,000 of tax capacity 1994 estimated market value of$30 million. Current Projects are as follows: • increment and a � a. Mounds View Business Park was established September 22, 1986 (modified June 12, 1989.) The purpose of this district was to improve the tax base and improve the general economy of the State and provide employment opportunities. TIF enabled the building of 90 + acre high quality Business Park. As a result, Mounds View has attracted 25 new quality companies which has added an additional 1,300 new jobs for the community. Some of the larger companies that located in Mounds View as a result of the Business Park include: Multi-Tech Corporation, Garment Graphics, Liberty Check Printers, Vicom/Bakers Square, Sims Deltec, and Owens & Minor. Elimination of blighted areas promoted non TIF assisted expansion in the nearby industrial park and adjacent hospitality and recreation facilities which attracted an additional 200 new jobs. Some of the companies include Saturn of St. Paul, KFC, Taco Bell, McDonalds, and Perkins. It is estimated that the net tax capacity has increased by $ due to the developments spurred by investing in the Business Park.