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KISS MONROE , P . A . <br /> ATTORNEYS AT L A W <br /> ■ James R Casserly <br /> Email jamescra)` krassmonroe.com <br /> Direct Dial(612)885-1296 <br /> MEMORANDUM <br /> To: City of Mounds View <br /> Attn: Rick Jopke, Community Development Director <br /> Chuck Whiting, City Administrator -- <br /> From: James R. Casserly <br /> Greg D.Johnson <br /> Date: February 23, 1998 <br /> Re: Tax Increment Assistance for Silverview Estates Projects <br /> Our File No. 9806-1 <br /> • <br /> INTRODUCTION <br /> Silverview Estates (the "Redeveloper") is seeking tax increment assistance from the City of <br /> Mounds View (the "City") for the construction of various improvements on the southeast <br /> quadrant of the intersection of Highway 10 and Silver Lake Road. The contemplated <br /> improvements include the following: <br /> 1. A gas station/convenience store of approximately 6,820 square feet with an estimated <br /> market value of approximately$511,500. <br /> 2. A 5,000 square foot office building with an estimated market value of approximately <br /> $300,000. <br /> 3. A 25,000 square foot two story office building with an estimated market value of <br /> approximately$1,375,000. <br /> 4. A market rate senior housing rental project comprising 82 units with an approximate <br /> market value of$4,305,000. <br /> Upon completion the combined estimated market value of all the improvements would be <br /> approximately $6,500,000 and would generate estimated taxes in excess of$286,000 (assuming <br /> Mr the pay 1998 Class Rates). <br /> SUITE 1100 SOUTHPOINT OFFICE CENTER•1650 WEST 82ND STREET•BLOOMINGTON,MINNESOTA 55431.1447 <br /> TELEPHONE 6121885-5999•FACSIMILE 612/885-5969 <br />