CC PACKET 06252002 - Laserfiche WebLink

Home Browse Search

Mike Mornson Kenzie Terrace Redevelopment June 17, 2002 Page 2 Tax Analysis Total city Percent Change in Developer Development Property Local Portico of City Portion of Taxes Valuation Taxes Local Taxes From Pre- Redevelopment LaNel 20 Rental Town homes $1,900,000 $30,629 $11,679 1,513% ($95,000/Unit) Larry Beach 8 Town Homes $1,824,000 $21,915 $8,356 1,054% ($228,000/Unit) Pre- 5 Single-Family Homes $375,000 $4,077 $724 N/A Redevelopment ($75,000/Unit) Based upon the above referenced charts, if the City sold the property to LaNel Financial for $150,000, it would take the City 25 years to recapture their total investment in land through the increased City portion of taxes that would be generated by the new development. If the City sold the land to Larry Beach for $136,000, it would take the City 37 years to recapture their investment through the increased City portion of the taxes that would be generated. Based upon this and other information provided by the developers, following is an analysis of the Development Proposals: LaNel Financial 1. Proposed development is similar to The Arbors in White Bear Lake, which will compliment their existing senior rental development to the east. 2. Plan incorporates adjacent property LaNel owns (Autumn Woods) that is currently " open/green space. 3. Existing entrance to Autumn Woods Apartments The Arbors-White Bear Lake on Kenzie Terrace can be utilized to access this new development and will provide additional open/green space. 4. LaNel's proposal provides an urban, pedestrian character to the development, with front entry's that are closer to the sidewalk and street and underground, heated parking. 5. LaNel proposes to pay $150,000 for land, or $7,500/unit, which is in the range for developments of this type (typically $5,000 to $12,000, dependent upon density/location/design criteria).