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r <br /> Request for Tax Increment Financing: <br /> 1. Type of District: We are requesting that the City include the property located at 2654 <br /> Kenzie Terrace within its Tax Increment Financing Redevelopment District. The property <br /> in question has been vacant for approximately three years and its condition has been <br /> allowed to deteriorate to the point that the value of the property has decreased. The <br /> condition of this property has become the topic of discussion for many residents and <br /> business' in the area. The cost of up-grade and improvement of the exterior of the building <br /> and land has now increased to the point that any further"deterioration would become cost <br /> prohibitive based on added value to the property. <br /> 2. Amount requested: We are submitting a request that the City of St. Anthony provide <br /> $125,000.00 of assistance to this project in the form of tax increment financing. It is <br /> estimated that the exterior-improvements to the building and property will have more than <br /> a monetary effect on the area, and in fact will enhance the entire environmental condition <br /> of this location. <br /> 3. Method of Tax Increment Financing: We are requesting that the City of St. Anthony use <br /> the method of one up front payment. <br /> 4. Tax Increment.Financing Anal A tax increment analysis has been ordered but is <br /> unavailable at the time of this request. The analysis will be furnished as soon as it becomes , <br /> available. <br /> Escrow Deposit: <br /> Accompanying this request for tax increment financing is a check in the amount of$5,000.00 to <br /> '.J be use as escrow deposit. It is our understanding that the escrow is to be used to cover the City.of <br /> St. Anthony's costs for legal and fiscal help as needed and any monies not used will be refunded. <br /> Developers Agreement: <br /> A signed copy of the Developers agreement may be found in section 4. <br /> Conclusion: <br /> After evaluation the only conclusion that can be reached is that the property located at 2654 <br /> Kenzie Terrace is in need of redevelopment and to once again become a supporting member of <br /> the City of St. Anthony. It is in our opinion that this property left idol would become a liability <br /> on the City. By reaching an agreement on tax increment financing we will not only be able to <br /> improve the environmental condition of the area but will be bringing a fast growing educational <br /> facility to the area increasing the job opportunities and adding support to the other business in the <br /> area. <br /> Joan and I are anxious to begin this venture and look forward to a long and prosperous <br /> relationship between us and the City of St. Anthony. <br /> Sincerely, <br /> /ohnF. ie tsch <br /> �� Director <br />