CC PACKET 08251992 - Laserfiche WebLink

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• I. INTRODUCTION A. Statement of Need and Statutory Authority. Apache Plaza Shopping Center (the "Shopping Center") is located at 37th Avenue North and Silver Lake Road in the City of St. Anthony, Minnesota. The Shopping Center consists of 5.Buildings; (i) the main center, a large multi-tenant building, (ii) a 90,500 square foot warehouse type building presently used for commercial businesses, (iii) a sports and health club building which is presently vacant, (iv) a gas station building which is presently vacant and (v) a building occupied by a Tires Plus store. The buildings included in the Shopping Center were constructed at various times throughout the past 30 years, with the main center and a 90,500 square foot warehouse constructed in the early-1960's. The condition of the Shopping Center and its economic viability has declined in the past decade and the Shopping Center is in need of substantial renovation in order to halt this decline and return to economic viability. The decline of the Shopping Center has resulted in a reduction in the tax capacity of the Shopping Center and a resulting decline in tax revenues from thq Shopping Center to the County and other local taxing jurisdictions. The owner of the Shopping Center has proposed a major renovation of the Shopping Center and has requested assistance from the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA") and the City of St. Anthony, Minnesota (the "City") in connection with such renovation. The renovation of the Shopping Center will consist of the demolition of a portion of the Shopping Center's main center and the construction thereon of a new grocery store, the substantial remodeling and renovation of the remaining main center, demolition of the closed sports and health club and various public improvements including improved storm water drainage from the Shopping Center. The owner of the Shopping.Center has represented to the City and HRA that the renovation of the Shopping Center will not occur unless financial assistance is provided by the HRA and the City. The HRA has determined that the renovation of the Shopping Center. . is in the best interests of the residents of the City and that the HRA and the City may be able to assist in the renovation of the Shopping Center and that in order to provide such assistance it is necessary to approve a Redevelopment Plan to be designated as Redevelopment Plan for Redevelopment Project Area No. 3 - Ramsey County (the "Redevelopment Plan") covering the area included in the Shopping Center and to take certain actions pursuant to a Redevelopment Project (the "Redevelopment Project") to be undertaken pursuant to the Plan. In order to finance the public redevelopment costs to be paid or incurred by the HRA and City pursuant to the Redevelopment Plan and Redevelopment Project, it is proposed that the HRA adopt a tax increment financing plan (the "Financing Plan"), which provide for the creation of a Tax Increment Financing District No. 3 - Ramsey County (the "District"). • -2-