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St. Anthony Village-Apache Plaza <br /> • <br /> Increase in net tax capacity $557,700 <br /> Cres cleaned 25.46 <br /> New 'obs 593 <br /> Average hourly wage $10.75 <br /> Private redevelopment leverage $10, 750, 000 <br /> Eligible funding request—TBRA $1,046,100 <br /> Eligible funding request—DTED $0 <br /> Recommended funding—TBRA $585,600 <br /> Recommended funding—DTED $0 <br /> The city of St. Anthony Village is seeking TBRA funding for asbestos remediation for Apache Plaza at <br /> 3800 Silver Lake Road. Apache Plaza is a 300,000+square foot mall that was constructed in the mid- <br /> 1960's. Freeway realignment, change in retail trends and competition from other modern shopping <br /> centers have contributed to economical and functional obsolescence of Apache Plaza. In 1996, US <br /> Bank foreclosed upon the Apache Plaza site and currently retains ownership. Today it is over 95% <br /> vacant and has declined in value by 54% since 1991. <br /> In 2001 the city approved the Northwest Quadrant Redevelopment Area Plan (which includes Apache <br /> Plaza), which supports a community consensus goal to return the Apache Plaza Mall area to the focal <br /> • _point for the community is once provided: The city is aggressively pursuing this redevelopment and <br /> initial construction is expected to begin in 2004. The Developer has secured a Purchase Agreement for <br /> the Apache Plaza site and will be closing in August 2003. <br /> A 25.46 acre piece of the greater 50-acre redevelopment area, the site will be redeveloped into a <br /> mixed-use urban village with a 130,000 square foot "big box" user, a 51,000 square foot building for a <br /> smaller retailer, 19,000 square feet of office space, 64 market rate apartments, 92 urban flats and a <br /> community park. <br /> Investigation has identified asbestos containing material. The roof was unable to be tested since the <br /> mall is still partially occupied and it is important to maintain integrity of the roof. Additional sampling <br /> is planned prior to demolition. The applicant requested TBRA funding assuming the roof material will <br /> contain asbestos. The recommended funding is only for remediation of known asbestos. Based upon <br /> future assessments, the city may request additional TBRA funding. The cost to remediate asbestos <br /> contamination is a significant barrier to the city's redevelopment goals. <br /> TBRA eligible project budget: <br /> Asbestos Survey $ 4,100 <br /> Asbestos Abatement $ 581,500 <br /> Total $ 585,600 <br /> • <br /> A - I <br /> io <br />