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1 REGULAR H.R.A. MEETING <br /> 2 JULY 28, 1992 <br /> 3 PAGE 2 <br /> 4 <br /> 5 <br /> 6 The Executive Director explained that the Kenzie Terrace Tax Increment <br /> 7 District which includes the Kenzington, the Walker, and Autumn Woods <br /> 8 housing projects is a very healthy redevelopment district with an anti- <br /> 9 cipated payback in twelve years as compared to other districts with 25 <br /> 10 year paybacks. Using approximately $1,000,000.00 out of the District <br /> 11 to buy additional land, redesign roads and water and sewer lines in <br /> 12 the acquired property is a justifiable use of those moneys the Executive <br /> 13 Director said and it will only extend the District for six months. <br /> 14 <br /> 15 Mr. Burt indicated he was sorry some the City residents who would have <br /> 16 been the most affected by the improvements had left when Mayor Ranallo <br /> 17 had recessed the Council meeting for the H.R.A. meeting even though the <br /> 18 Mayor had announced the Council meeting would be resumed after related <br /> 19 matters had been taken care by the H. R. A. <br /> 20 <br /> 21 The Executive Director reported the City had sent notices of the proposed <br /> 22 action to School District #282 and to Hennepin County as required by law. <br /> 23 He indicated the only response had come from Hennepin County Commissioner <br /> 24 Judy Makowske who had told him the Plan had been discussed at the County <br /> 25 level and indicated that she agreed with that proposal. The 90 days re- <br /> 26 sponse time had expired with no further input from the school district or <br /> 27 county. <br /> 28 <br /> 29 Chairman Ranallo asked whether the District would get back the costs • <br /> 30 of acquiring the two cafe properties. Mr. Burt said the proposed road <br /> 31 alignment would run right through the Good Luck property so there would be <br /> 32 no return on that property and the Rosie's site is going to be rezoned' <br /> 33 from Commercial to Residential to blend in better with the surrour '.ng <br /> 34 residential properties. He added that clearly the return on the E e <br /> 35 of residential would be nowhere near what it would be for commercial <br /> 36 property. The Planning Commission had even suggested holding the sites <br /> 37 for ponding but the available area would never even help with the size of <br /> 38 a pond needed to store runoff storm water from the South End. <br /> 39 <br /> 40 A good deal of interest in developing the acquired property has been <br /> 41 shown, from a hospice which would be a Commercial use and unacceptable, <br /> 42 to people who would like to build a home there. The Planning Commission <br /> 43 has already perceived the need to restrict the type of home which might <br /> 44 be built on the acquired property in regard to dollar value and building <br /> 45 height. They perceived a rambler would be better than a two story <br /> 46 structure where the inhabitants would be looking down on the Stonehouse. <br /> 47 <br /> 48 Motion by Wagner, seconded by Enrooth to adopt HRA Resolution 1992-04 <br /> 49 which approves 1992 B Amendments to the Kenzie Terrace Redevelopment Plan <br /> 50 and the Kenzie Terrace Tax Increment Financing Plan and requests approval <br /> 51 of the City of St. Anthony Council. <br /> 52 <br /> II <br /> �I <br />