Agenda Packets - 1986/10/06 - Laserfiche WebLink

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AN DEVELOPMENT, INC. ® 2045 Rirr Ntrrrt P.O. Rnx 13291 .71. Paid. AIN55113 Mr. Donald F. Pauley 6121487•3619 City,df Mounds View July 9, 1986 Page Two Obviously this is a matter which we must discuss, ano perhaps at this time, progress would be facilitated by sub- mitting a preliminary plan to the Planning Commission. 2. Tax Increment Financing in connection with tax increment financing, you indicated that a tax increment district could be created, that the Council was in favor of looking at tax increment financing on the project, and that based upon your present assump- tions approximately $4,000,000 could be made available to the developer on a buy/down basis. You also expressed con- cerns over matters which would be embodied in the Development Agreement, including some provisions to asvure performance by the Developer and protection of the City's interest. The general parameters of the proposal which we discussed are acceptable to the Developer, provided that some form of assistance or additional tax increment proceeds are available to help defray the costs associated with construction and installation of the rather extensive road- way and utility systems throughout the site. Note: It is our understanding that certain State funds may be available for this purpose.) Additionally, I believe your concerns regarding the other elements of the Development Agreement can be satisfied in a manner which will be mutually accep- table to the City and the Developer. After you have had an opportunity to review and consider the foregoing, please call me at your earliest convenience to discuss our npxt step. As indicated previously, we are now pre- pared to proceed post haste with the negotiations and submissions necessary to permit the project to proceed. I shall look forward to hearing from you. Bej garrds, /I CWF/jk C. William Franke President RIiAh IiS7ATF, DIiVEI.OPMF.NT