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MEMORANDUM <br /> DATE: December 3,2001 <br /> TO: Mayor and Councilmembers <br /> Planning Commissioners <br /> FROM: Michael Mornson, City Manager <br /> SUBJECT: BUDGET AMENDMENT FOR TIF DISTRICT <br /> The following TIF Plan proposed by Jerry Gilligan of Dorsey&Whitney, allows the City to proceed <br /> with the purchase of property to provide financial assistance to the following properties: <br /> New to Plan Purchase and removal of Hardies property to Estimated cost: $360,000 <br /> prepare for redevelopment <br /> New to Plan Purchase and removal of Exhaust Pro property Estimated cost: $500,000 <br /> to prepare.for redevelopment <br /> New to Plan Purchase and removal of Phillips 66 gas station Estimated cost: $500,00d <br /> property to prepare for redevelopment <br /> In existing Plan Apache Plaza redevelopment to assist with Estimated cost: $200,000 <br /> consultants, etc. <br /> TOTAL $1,560,000 <br /> Revenue to pay for redevelopment opportunity to come from Chandler District proceeds of <br /> approximately$1.7 million. Other redevelopment opportunities that are currently in the Plan could be <br /> paid from District if other revenue becomes available to City, such as profits from property sales (5 lots <br /> on Kenzie-' Custom Liquidators, etc.): <br /> Southwest Quadrant area(Stonehouse, $1,125,000 <br /> Shopping Center area) <br /> Twin City Federal lot $75,000 <br /> P,urchase or provide assistance to KFC, $500,000 <br /> Broadway Pizza, Bremer Bank <br />