Agenda Packets - 1986/08/18 - Laserfiche WebLink

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Mr. Donald F. Pauley August 12, 1986 Page 2 base and employment opportunities. The comprehensive development of a large project by a single developer will result in better coordinated design, improved planning, and greater efficiencies in site utilization, provision of public utilities, and traffic control. The proposed office/service, light industrial and restaurant uses are consistent with the City's Comprehensive Plan and actually will result in a favorable "down -zoning" of a portion of the property now designated "Highway Commercial". The quality of construction, landscaping and amenities we are planning will encourage the location of desireable business and industry in the City of Mounds View. We believe the completed project will convey a very desireable image for the City at an important and long under -developed location. To be economically feasible, the project will require Tax Increment Financing assistance from the City in the approximate amount of $5.5 million dollars. In consideration for providing this assistance, the Developer will agree, as we have previously discussed, to construct the project and will guarantee a market value increase of $25.5 million dollars. JLN Development, Inc, will enter a Development" Agreement with the City of Mounds View embodying the foregoing 'terms as well as reasonable provisions to assurs performance by the developer to protect the city's interests. We are enclosing our check in the sum of $5,000.00 to defray City expenses associated with the implementation of a Tax Increment Financing plan. At the City Council agenda meeting on August 18, we request that Staff ask for Council authorization to proceed with preparation and negotiation of a tax increment plan. In the event that authorization is not given, we request that our check be returned. I belt.eve we all recognize that we are in the preliminary stages of discussion and planning of the foregoing, with many particulars yet to resolve. Based on our meetings with City staff to date, however, we believe that we can come to agreement on the material matters, enabling the City of Mounds View and JLN Development, Inc. to proceed with a major development project to our mutual benefit. We look forward to the Council agenda meeting of the 18th. Best regards, JLN DEVELOPMENT, C. 77AI C. William Franke, President