Laserfiche WebLink
Mr. Don Pauly <br />May 5, 1989 <br />t Page Two <br />of approximately $3.0 million. Annual real estate taxes <br />generated from the parcels, are estimated at approximately <br />$157 „ 000.00 which is a tremendous increase over the present <br />taxation. Our preliminary estimates indicate that soils <br />corrections costs, cost of land write -down, and public <br />utility and service connections would be somewhere in the <br />range of $1.0 million. <br />We do believe that the tax increment which could be captured <br />for retirement of tax increment bonds could, in a 15-year <br />project, easily handle a total write -down in excess of $1.0 <br />million. <br />III. THE DEVELOPER <br />The Developer would D. W. Jones Construction, Inc., or a <br />development corporation to be formed by Dale W. Jones. Mr. <br />Jones is an experienced real estate developer who has <br />completed numerous land development projects in Anoka <br />County, Minnesota; Walker, Minnesota; Grand Rapids, <br />Minnesota; and South Texas. <br />I realize that the present legislative session may produce <br />significant changes in the law relative to tax increment <br />financing. Consequently, we would not make any formal <br />application to the City until this legislative session is <br />completed. In the interim, however, it would be helpful to know <br />what the City's attitude towards this project might be, assuming <br />that these types of programs are still available when the <br />legislative session is complete. <br />I would appreciate hearing from you as to your Council's <br />reaction. <br />Re/gRctfully yours, <br />C <br />/�i2ti W <br />Wilbur F. Dorn, Jr. <br />dm <br />encl. <br />