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Housing and Redevelopment Authority Meeting Minutes February 28, 1995 Page 2 I Ranallo indicated he'would like it added to the resolution that.the purchaser of the 2 property is constructing a new home with a market value of$185,000.00. 3 Mornson stated this was included in the developer agreement. 4 Motion by Enrooth, second by Wagner to adopt Resolution 1995-003, approving the sale 5 of property known as 3111 Silver Lake Road. 6 Motion carried unanimously. 7 V11. EXECUTIVE DIRECTOR'S REPORT. 8 Executive Director Mornson reported that in regards to the Apache Plaza redevelopment 9 project,the bank and CUB are currently negotiating and Knox is still interested. 10 Mornson reported in regards to the American Monarch property,the City could give TIF I I assistance of$125,000.00 over a ten year period. This would result in a$1.2 to $1.8 12 million in value increase. This would increase taxes from$57,000.00 to $86,000.00. The 13 resulting LGA penalty would be$8,000.00. There is still a variance issue and the railroad 14 lease problem. 15 Mornson stated there were no new developments in the sale of the St. Anthony Lanes, 16 Inc., Bowling Alley. 17 Mornson reported Bruce Nedegaard is planning to sell additional property to Mr. 18 Schroeder to enable him to build a home. He intends to move'a single family home onto 19 the lot next to Schroeder's. He will then construct six twinhomes on the remaining 20 property. Mornson-stated the developer is currently looking at public funding options. 21 The property is in the TIF district and the budget could be amended to allow$80,000.00 22 based on six twinhomes-. There will be a need for platting and rezoning hearings. The 23 current value of approximately $150,000.00 will increase to $1.1 million. 24 Mornson reported Lang Nelson is intending to purchase 10 homes between Kenzie and 25 Lowry Avenue and construct a 50 unit.senior assisted housing project on the property. 26 The developer is currently analyzing the feasibility and may start contacting property 27 owners.- 28 Mornson reported on March 14th,he met with John Beal and a Developer who is 29 interested in the Makowske property and possibly three other properties,to construct up 30 to 30 townhomes, owner-occupied. He stated they are tentatively looking at a$3 million 31 increase in valuation and$350,000.00 in tax increment financing. He stated there will be 32 a need for rezoning and planning hearings, as well as tax increment hearings. The City 33 could provide$220,000.00 in TIF for 18 townhomes,which is Phase 1. The current