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City of St. Anthony, Minnesota <br /> April 12, 1994 <br /> Page 2 <br /> • 1 assume the demolition and utility numbers will be verified by an engineer estimate and <br /> finalized with bids. <br /> The developer is purchasing the land for $13,375 per unit and representing that the <br /> project can only support $2,298 per unit for the land which would require a write-down <br /> of$11,077 per unit. This appears to be an area which needs further discussion. <br /> 5. If the developer would like an upfront subsidy, you could either sell bonds for the <br /> project, use other available City funds, or use up to 25% of the excess increment <br /> generated by the Kensington Project. <br /> If the developer would like a pay-as-you-go subsidy, a structure could be negotiated <br /> based on the amount of annual Tax Increment received by the TIF District. However, I <br /> am not sure how a pay-as-you-go TIF would work on a for-sale condominium project. <br /> This would be an unusual structure as there would be at least 24 separate owners, the <br /> condominium association paying the taxes, and a different non-related entity receiving <br /> the TIF assistance. <br /> To move this project forward, I would suggest the developer pursue discussions with the <br /> assessor and then meet with you and representatives from our office to further define the <br /> request and discuss a final structure for the project. <br /> Yours truly,,, <br /> ktar_�" <br /> Robert D. Thistle <br /> Vice President <br /> pip <br /> /Saint Paul Office <br /> cc: Mr. Larry Hamer, Acting City Manager, St. Anthony <br /> Keith Jans, Senior Finance Manager, Springsted Incorporated <br /> • <br />