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85 E. SEVENTH PLACE,SUITE 100 SAINT PAUL,MN 55101-2887 651-223-3000 FAX:651-223-3002 SPRINGSTED . Public Finance Advisors MEMORANDUM TO: Mike Mornson, City Administrator, City of St. Anthony CC: Robert Thistle, Executive Vice President, Springsted FROM: Paul T. Steinman, Client Representative DATE: June 7, 2000 SUBJECT: Hillcrest/Apache Redevelopment Proposal . The purpose of this memo is to outline the major Apache. Plaza redevelopment deal points in response to the proposal from Hillcrest Development and Krass Monroe, P.A. This memo is a result of several meetings and discussions which have occurred over the past several months regarding this project. The project is conceptually structured as follows: • Drop four parcels from existing TIF District, subsequently creating a new district containing the four dropped parcels and one additional parcel (Taco Bell). The four parcels proposed to be dropped include: ■. A vacant city.-owned site of.approximately 55,504 square feet. ■ The vacant former New Market site of approximately 320,601 square feet ■ A vacant parcel of approximately 13,016 square feet ■ Apache Plaza —with a land area of approximately 1,108,910 square feet • Complete rehabilitation of Apache Plaza with a potential new market value of approximately $70 square foot. • Provide increment to the developer in the amount of approximately $4 million (present value) or$10 million gross. • Provide increment to the City to complete storm water improvements in the amount of approximately $1 million (present value) or$2.3 million gross. • Decertify district in 2018. • Developer agrees to enter into a minimum assessment agreement Issues for Council discussion: • Amount of developer subsidy -$4 million requested (present value) • City participation in storm water improvements -$1 million ■ Scenario A: $1 million taxable GO Tax Increment Bond SAINT PAUL,MN • MINNEAPOLIS,MN • MILWAUKEE,WI • OVERLAND PARK,KS • WASHINGTON,DC • DES MOINES,IA