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CITY OF Sr.ANTHONY Northwest Quadrant Redevelopment Update DECEMBER 2002 housing portion will be phased. Once a relocate at any time,if they relocate ahead development agreement phase to ensure final site plan has been developed and of the redevelopment process they may lose that the important issues can be resolved approved there will be more exact their chance to obtain relocation assistance. before moving on to the final development information about the timing of the agreement phase. availability of housing.The earliest housing Q. How will the project be funded? will be available is likely in 2005.More A. The project will be funded primarily Q• Y Wh must the Northwest information on how to sign up for housing through land payments by the developer Quadrant Redevelopment area will be available in 2004. and tax increment finance. be redeveloped? Q. If my business must relocate in A.As in many communities,change has Q What occurred in St.Anthony tax increment The City the future, will I receive any finance (TIF)? Y wants to financial assistance? restore the Apache Plaza Mall area to the A. TIF is a financing tool created by the vital focal point for the community that it A. Yes.Businesses that must relocate are Minnesota Legislature in the mid-1970s to once was.The redevelopment will provide provided relocation assistance to help assist help encourage development and new housing opportunities for long-time with moving costs,as required under the redevelopment.Under TIF,property tax St.Anthony residents who no longer wish Uniform Relocation Assistance Act. revenue equivalent to what the current to maintain a single family home.At the Properties that are purchased for property generates continues to go to all same time that will open up existing redevelopment must be purchased at fair taxing jurisdictions.A portion of the tax housing to new families for our community. market value.The value is determined by a revenue that results from the increased By helping us retain and attract residents, professional appraisal. value of the new development,also called the redevelopment helps St.Anthony the"tax increment,"goes to pay site costs compete with developing suburbs Q. If my business is acquired, such as acquisition,demolition,water, and makes our community even stronger. when would that occur? sewer,utilities and street improvements. A.Acquisitions of the majority of properties Once the site costs have been paid,the tax Q. How can I continue to stay informed would likely occur in mid-2003 after a final increment will be distributed to all of the and be involved? development agreement has been approved. taxing jurisdictions. A.The City will continue to provide Q.As a business owner, when should I Q. Is this redevelopment a"sure thing"? updates d e on the Northwest project es Quadrant begin to looh for a new location? A. No.Redevelopment is a complex process quarterly newsletter Village Notes,the City A. It is always good to be aware of options. and requires many steps and cooperative website at wwwci.saint-anthonymn.us and However,at this time it is still too early to planning by the developer and the City.The through periodic updates of this newsletter. be absolutely certain if the redevelopment redevelopment project must meet the goals For more information,you may also contact will be successfully completed and when it of the community and pass the test of both the City offices at 612-789-8881,or will be completed.It is also important to market and financial feasibility.That is why for general updates,call the Hotline at note that while businesses are free to the process begins with a preliminary 612-706-1350. H3vgoisno_1V_LSOd 1d1lN3G1S3H S S M H 0 3 . . . Sn-uw,Cuorpun-JumS-preeM T888-68L-Z19 81455 NW',(uotinry'JS bOLZ oN mmad peoH 2n9l 13A11S i0££ NW'sgodnuuT QI�d a ftsod-S-fl Q.LS 'I'dSHd !llfffiiiiiilllJJl .