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CC PACKET 04111995
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CC PACKET 04111995
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12/30/2015 6:24:08 PM
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12/30/2015 6:24:02 PM
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22
SP Folder Name
CC PACKETS 1994-1998
SP Name
CC PACKET 04111995
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Housing and Redevelopment Authority Meeting Minutes <br /> February 28, 1995 <br /> Page 2 <br /> I Ranallo indicated he'would like it added to the resolution that.the purchaser of the <br /> 2 property is constructing a new home with a market value of$185,000.00. <br /> 3 Mornson stated this was included in the developer agreement. <br /> 4 Motion by Enrooth, second by Wagner to adopt Resolution 1995-003, approving the sale <br /> 5 of property known as 3111 Silver Lake Road. <br /> 6 Motion carried unanimously. <br /> 7 V11. EXECUTIVE DIRECTOR'S REPORT. <br /> 8 Executive Director Mornson reported that in regards to the Apache Plaza redevelopment <br /> 9 project,the bank and CUB are currently negotiating and Knox is still interested. <br /> 10 Mornson reported in regards to the American Monarch property,the City could give TIF <br /> I I assistance of$125,000.00 over a ten year period. This would result in a$1.2 to $1.8 <br /> 12 million in value increase. This would increase taxes from$57,000.00 to $86,000.00. The <br /> 13 resulting LGA penalty would be$8,000.00. There is still a variance issue and the railroad <br /> 14 lease problem. <br /> 15 Mornson stated there were no new developments in the sale of the St. Anthony Lanes, <br /> 16 Inc., Bowling Alley. <br /> 17 Mornson reported Bruce Nedegaard is planning to sell additional property to Mr. <br /> 18 Schroeder to enable him to build a home. He intends to move'a single family home onto <br /> 19 the lot next to Schroeder's. He will then construct six twinhomes on the remaining <br /> 20 property. Mornson-stated the developer is currently looking at public funding options. <br /> 21 The property is in the TIF district and the budget could be amended to allow$80,000.00 <br /> 22 based on six twinhomes-. There will be a need for platting and rezoning hearings. The <br /> 23 current value of approximately $150,000.00 will increase to $1.1 million. <br /> 24 Mornson reported Lang Nelson is intending to purchase 10 homes between Kenzie and <br /> 25 Lowry Avenue and construct a 50 unit.senior assisted housing project on the property. <br /> 26 The developer is currently analyzing the feasibility and may start contacting property <br /> 27 owners.- <br /> 28 Mornson reported on March 14th,he met with John Beal and a Developer who is <br /> 29 interested in the Makowske property and possibly three other properties,to construct up <br /> 30 to 30 townhomes, owner-occupied. He stated they are tentatively looking at a$3 million <br /> 31 increase in valuation and$350,000.00 in tax increment financing. He stated there will be <br /> 32 a need for rezoning and planning hearings, as well as tax increment hearings. The City <br /> 33 could provide$220,000.00 in TIF for 18 townhomes,which is Phase 1. The current <br />
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