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Ground Breaking of The Arbors Development <br /> The Mayor and City Council announce the ground breaking of The Arbors Townhouse <br /> Development project located off Old Highway 8 by Rankin Road and Croft Drive. The <br /> developer for the project is Arnie Gregory of Arnold Development. <br /> The ground breaking is scheduled for October 3, 1995 at 5:00 P.M. <br /> According to Mayor Ranallo, this development consists of 18 owner-occupied townhomes <br /> valued at about $155,000 each. The Mayor stated that this development, when completed, <br /> will bring in approximately an additional $45,000 a year in taxes and an additional $2.8 <br /> million to the valuation of the City. This additional tax money will be very important to both <br /> the City and the School District. The School will receive approximately $16,500, the City <br /> approximately $6,400, and the remainder goes to the County and Special Taxing Districts, <br /> such as the Metropolitan Council. <br />