Laserfiche WebLink
85 E. SEVENTH PLACE,SUITE 100 <br /> SAINT PAUL,MN 55101-2887 <br /> 651-223-3000 FAX:651-223-3002 <br /> SPRINGSTED <br /> Public Finance Advisors <br /> MEMORANDUM <br /> TO: Michael Mornson, City Manager, St. Anthony <br /> FROM: Paul T. Steinman, Vice President, Housing & Economic Development <br /> CC: Bob Thistle,Senior Vice President <br /> DATE: July 17, 2000 <br /> SUBJECT: Hillcrest Business Subsidy Agreement <br /> • At its n June 27 2000 the Mayor and City Council approved, upon the holding of a <br /> 9 � Y Y PP P 9 <br /> public hearing, the City's Business Subsidy Policy. Such policy described the circumstances <br /> under which the Mayor and Council would approve business subsidies. This action was taken, <br /> in part, in anticipation of an incentive being provided as part of the Hillcrest/Apache <br /> redevelopment project. <br /> The Business Subsidy Agreement will actually be a part (Exhibit D) of the overall <br /> Redevelopment Agreement with Hillcrest. Attached to this memo is a draft of the Business <br /> Subsidy Agreement. <br /> The Business Subsidy Agreement closely mirrors the Business Subsidy Policy, other than <br /> describing in detail the actual project anticipated — the Apache Plaza project, in this case. The <br /> attached agreement outlines the following major points: <br /> • What the proposed subsidy is planned to be used for <br /> ➢ Acquisition, environmental remediation, building demolition and storm sewer <br /> improvement costs <br /> • The amount of the proposed subsidy <br /> ➢ $4 million plus an amount yet to be determined to complete storm water <br /> improvements as part of the overall project (approximately $500,000? - <br /> $750,000?) <br /> • <br /> SAINT PAUL,MN • MINNEAPOLIS,MN • MILWAUKEE,WI • OVERLAND PARK,KS • WASHINGTON,DC • DES MOINES,IA <br />