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04-24-1997
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04-24-1997
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MV EDC
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Packets
Date
4/24/1997
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3-27-1997 3: 19PM FROM MSP REAL ESTATE. INC. 612 336 4565 P. 3 <br /> 411 <br /> REQUEST <br /> In order to transform this property into the quality level consistent with Silver Lake Pointe, <br /> our request to the City would be as follows: <br /> 1.) We request that the City approve our PUD to build 28 new townhomes and <br /> re-configure the driveway and parking areas as indicated on the enclosed site plan. <br /> 2.) We request that the EDA sell its land to MSP at a market price. <br /> 3.) We request that the City provide a $230,000 1% interest, deferred loan to the <br /> project, from excess proceeds from existing TIF districts. <br /> 4.) We request that the City approve the set aside of ten units in the property for <br /> rental as subsidized housing. <br /> S.) We request that the City approve the ownership structure of the property as a <br /> Leasehold Cooperative, thus allowing the property to receive the benefit of <br /> homestead tax rates. <br /> In order to achieve the quality level the City desires, these requests are critical to the <br /> transformation of this property_ <br /> ALTERNATIVES <br /> 4111 <br /> As we view this situation, the City has three options to consider: <br /> 1.) Do nothing <br /> 2.) Acquire and demolish the apartments <br /> 3.) Approve this rehabilitation concept <br /> Option #1: Under this scenario, the property will always be an "eye-sore", and it will <br /> continue its long, slow decline as roofs, windows, furnaces and garages <br /> continue to fail. The free market cannot and will not provide the level of <br /> rehabilitation we propose because it's not economically justified. <br /> Option 42: Under this scenario the City would purchase the property at a market <br /> price, demolish the structure, pay relocation benefits, assemble the <br /> additional 3 acres -- for a total cost of over $2,300,000. Even the most <br /> intensive commercial development would never recoup this investment. <br /> Option #3: A $230,000 investment would transform a problem property into a quality <br /> asset, and spur over $5,500,000 of investment. <br /> • <br />
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