Agenda Packets - 1988/02/22 - Laserfiche WebLink

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APPENDIX "H" DISTRICT STATUS The "Highway 10 Corridor" Munleipal Development District was conceived :n 1985 on the basis of the physical and economic relationships to the various projects and lend uses both proposed and existing. Also, b,- upgrading the corridor, a new image will evolve that will compliment the short and long range goals of the City's various plans. The visual impact in itself will be a benefit to the citizens of Mounds View as well as other passing through the community via Highway 10. The case is made for this concept via the co -dependence of the various land uses within and without all three districts. The flow of jobs to the industrial park from the residential, the commercial to support the residential and industrial while providing Improved recreational facilities to compliment all three land uses. Creating several tax Increment districts assures the long term financing of the upgrading of the corridor. By providing the nucleus of development within the ;'stricts, unassisted private development will be more likely to develop along side of the districts. The Initial investment of tax increments into these areas will be crucial to the success of this undertaking. Current Projects This plan proposes to assist 100,000 square feet of commercial space. The type of assistance will be the traditional use of tax increments that includes public j Improvements as well as land assembly. While creating new construction, a considerable amount of blight can be eliminated both economically a visually. Without the assistance, the development could not afford the cost of assembly with or without buildings. Current Contracts There are no contracts that the City has entered into at this time with any developers within the tax increment aistrict. ilowever, the City Is currently negotiating with a developer for a proposed 100,000 square foot commercial center. Appendix "B" - 1