HomeMy WebLinkAbout2005 Priorities-Project Status 9.16.05 9/16/05
ECONOMIC DEVELOPMENT COMMISSION
UPDATE REGARDING 2005 PRIORITIES / APPROVED OR POTENTIAL TIF
EXPENDITURES BY PROJECT
At the end of 2004 the members of the Mounds View EDC were surveyed regarding
economic development priorities for 2005. Commissioners identified 14 potential
commercial, industrial and housing projects. The following is the status of those projects:
Project Status $ Expenditure
1 . Medtronic CRM Campus Approved by CC/EDA $14.8 M TIF Note
Proj. financial closing 9/30/05
2. Skyline Motel Acquisition/ Site discussed w/ 3 businesses $ .6 M?? Acq./Clear.
Redevelopment & 1 developer
3. PAK Bldg. Redevelopment Owners seeking PC variance $ .4 M?? Acq./Clear.
4. Hardee's Restaurant Redev. Bldg. Renovated; Caribou $ None at present
Coffee operational 8/26/05
5. Moundsview Square Redev. No Change $ Unknown
6. Bauer Welding Expansion No Change $ Unknown
7. Co. 10/Woodale Develop. Site discussed w/ 1 business $1 .5 M?? Acq./Clear.
& 1 developer
8. Hidden Hollow Phase II Discussion w/ 1 realtor & $ Unknown
1 developer
9. Sitdown Restaurant Discussion w/ 1 developer $ Unknown
10. Sherwood Housing Dev. Discussion w/ 1 developer $ .2 M?? Acq./Clear.
11 . Laport Meadows Dev. Discussion w/ 3 developers $ .6 M?? Acq./Infrastruc.
12. Silver View Plaza Promo. No Change $ Unknown
13. Oasis, etc. Redevelop. Discussion w/ 1 developer $1 .0 M?? Acq./Clear.
14. Steve's Appliance Redev. No Change $ Unknown
Subtotal $4.3 million
(exc. Medtronic)
Other Potential TIF Projects over the next 9 years in the City of Mounds View:
1. Completion of pedestrian trails along both sides of County Road 10:
North Side—approx. 9,250 feet remaining
South Side—approx. 6,000 feet remaining
Assumption: Cost of installation is $40 per linear foot. Thus the north side would
cost about $370,000 and the south side about $240,000. Total for trails: $.6 million.
2. Local Match requirements for improvements to County Road 10 Corridor:
Assumption: Projects to enhance traffic safety of Intersections of Co. Rd. H/10 and
Long Lake Rd./10 are approved by the City and those projects receive federal
funding. Estimated local match would be 20%. Total for intersections: $ .3 million.
3. Housing Improvement Program:
Assumption: One blighted residential structure is acquired per year at a cost of
$175,000 per residential property. Total for housing program: $1.4 million.
4. Other unidentified infrastructure / redevelopment opportunities in the City:
Assumption: City Council sets aside 25% of available TIF increment for these
targets of opportunity. Total for these projects: $2.4 million.
Subtotal $4.7 million
Potential TIF Expenditures--Grand Total $9.0 million*
*The City's TIF financial advisors, Ehlers &Associates, estimate that$11 million is available for
TIF eligible expenses during the remaining life of Districts 1-3 (roughly 9 years).