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• CRITERIA THRE=E <br /> The estimated . cost of physical preparation when added <br /> to the fair, mar•k:et value of the land upon inclusion in <br /> the district e::ceeds the anticipated fair marE::et value <br /> of the land upon completion of the preparation. <br /> The redeveloper has agreed to purchase part of the <br /> property for- $15ii, i!iu:;. This part of ' the property <br /> requires soil correction and is -identified as Phase I . <br /> This acquisition value is $. 68 per, sq. ft. The <br /> estimated soil correct ion cost • is $ 250,000. <br /> In summary: <br /> Estimated cost of physical preparation $ 250,000 <br /> plus the estimated value of the land equals <br /> $400,000. Typical land value for townhouse <br /> development ranges from $1'?, U!►�► to $_�!, ��uu per <br /> do re. <br /> The redeveloper- has agreed to entLiar, into a <br /> redevelopment agreement for, development of over- 56 of <br /> the land having unusual soil deficiencies. <br /> CONCLUSION: The proposed development will have 37 <br /> townhouses —in it. The total acreage of Phase One is <br /> 5.05 act-es. When applied to Phase One ($"'(:) �0�! ;: 5. 05 <br /> acres) , the anticipated fair market value upon <br /> completion would be $141.;400. <br /> Pursuant to Minnesota Statutes, the TIF District <br /> qualifies as a Soils Condition Tax Increment Financing <br /> District. <br /> 8 <br />