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15 October 19, 2004 Planning Commission and City Council Members City of Saint Anthony 3301 Silver Lake Road St.Anthony,MN 55418 RE: Silver Lake Village Preliminary and Final Plat Request Dear Commission and Council Members: The attached.application for a subdivision request has been made to reconfigure one of the lots within the Silver Lake Village PUD in order to create two distinct tax parcels. The lot in question is Lot 1,Block 2, Silver Lake Village, as approved and platted in late 2003, and as recorded in early 2004. At that time, the retail uses located along 39`h Street included multiple structures on a single lot both north and south of 39`s Street where ownership was to be retained by the Shopping Center Developer. North of 39`h Street, the retail lot fronting 39`h Street was partially split by a second lot for the municipal liquor store to allow transfer of ownership from the Developer to the City of Saint Anthony. All common area access, shared parking, and shared use of utilities and drainage facilities has been guaranteed through the creation of a Reciprocal Easement Agreement(REA) that has been agreed to, and executed by all of the parties within, or directly affected by the redevelopment of the shopping center through the Silver Lake Village PUD. The REA provisions apply to U.S. Bank, the New Links(Video Store)development, the Conoco station,Cub Foods,the City of St. Anthony as owner of the liquor store, the Silver Lake Village Retail Development,LLC (Developer), and Walmart as an anchor tenant. The proposed subdivision of Lot 1,Block 2 will.not affect any of the agreements that are in place to provide for reciprocal use, and it will not require,nor promote any design changes or physical modifications to the PUD project as previously approved by the Planning Commission and City Council. The sole reason for the subdivision request is to create two separate tax parcels for what was originally one lot. The evolution of the plan has resulted in two different uses for the buildings on Lot 1,Block 2. The easterly building will be multi-tenant retail space in a single-story building configuration. The westerly structure, west of the liquor store is being constructed for multi-tenant office use in a two-story building configuration. If these two somewhat different uses and building types were to remain on a single lot, the Developer would need to find an equitable way to pro-rate and assign real estate taxes to the two buildings in order to cover their costs in their tenant leases. Subdivision of the lot, and separation of the valuation and subsequent real estate tax liability into one figure for the retail structure, and a distinct figure for the office structure will simplify the recovery of real estate taxes through tenant leases, and will eliminate confusion and possibilities of tenants appealing the allocation of real estate taxes. Thresher Square • 700 Third Street South Suite 600 • Minneapolis, MN 55415 • Phone:(612) 370-0700 • Fax:(612) 370-1378