Agenda Packets - 1989/09/11 - Laserfiche WebLink

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MEMO TO: MAYOR AND CITY COUNCIV r ea, FROM: CLERK -ADMINISTRATOR 104, DATE: MAY 16, 1969 SUBJECT: MARSH PARK PROFESSIONAL OFFICES Over the past few years, Staff has been having discussions on and off with Mr. Dale Jones regarding the development of an office park on the triangular portion of property bound by Highway 10, Silver Lake Road and the St. Paul Water- works right-of-way. This land has also been identified previously as the County Road I triangle. Mr. Jones has been able to acquire a large portion of the 12 acre site excluding the property owned by George Winiecki and TJB Builders which total 5 lots. As you may recall, several years ago this site was designated as a tax increment district although no formal project has ever been submitted to the City Council for your consideration. On May 8th I received correspondence from Mr. Jones' attorney, Mr. Wilbur F. Dorn, Jr., providing the City with proposed site plans for the project and a request that the City Council give an indication as to your desire to provide tax increment assistance for this project. I have not had our consultants review the project due to the fact that minimal financial information is available at this time. My review and past experience with tax increment in Mounds View, including the Mounds View Business Park South project, would lead me to believe that Mr. Dorn's conclusions that the project would support a $1 million dollar tax increment issue over a fifteen year period is tenuous at best. The Mounds View Business Park South project producing a market value of better than double the proposed market value for this project is unable to produce $2 million for an 11 year period. Rather than getting into any great detail regarding the financial viability of the project, it would be my thought that the Council should simply discuss whether or not you are interested in funding another tax increment project at this time and whether or not this is the type of project you wish to support with tax increment funds. Extenuating circumstances that you need to be aware of regarding this project site are that a large wetland would be involved on the project requiring a wetland alteration permit to allow for relocation of portions of the wetland and construction within the 100 foot buffer zone. Also, the r:oject site is within the current moratorium district along Highway 10. The Council does have the authority to waiver the require- ments of the moratorium district should you find a project to be of a nature that you feel would be of significant benefit to the community and is consistent with the proposed Comprehensive Land Use Plan which is currently in the