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1 <br /> <br /> <br /> <br />Tax Increment Financing Workshop – St. Anthony Senior Living Project <br />June 15, 2020 <br /> <br />General Issues <br /> <br />A. Current Site: Blighted, eye sore to the city and particularly the neighborhood. There is so much potential <br />for creating jobs, an asset of value, and remediating a scar on the city. We are working tirelessly to <br />accomplish that outcome, but we need the city’s help. <br /> <br />B. Senior Living: By leveraging these senior services within a parklike atmosphere to residents and <br />pedestrians, we can help improve a blighted site and the community. We could ensure pedestrians in the <br />area have a seamless transition from public walkways through the property while maintaining the same <br />park-like feel. We answered the request of neighborhood meeting attendees to ensure pedestrians and <br />bikers could get around the property and cars parked on the property could get out through Kenzie and <br />not always through Stinson’s access point. This came at a cost of adding sidewalks, moving surface <br />parking underground, and adding drive lane extensions. <br /> <br />C. The site is within a Historic District and building within one is more expensive. We acknowledge the <br />neighborhood’s desire to have as many surface parking spots removed from the west side of the building. <br />We did so and moved them underground, at a cost. We also added far more landscaping and walkways on <br />this site than a typical development. We acknowledged the neighborhood’s request to ensure the <br />western part around the sidewalk on Stinson is heavily landscaped and many mature trees are <br />preserved at a cost to an arborist. <br /> <br />D. Project would have to correct utilities and pathways at the border with Minneapolis to correct the <br />fragmented systems of the existing utility system. <br /> <br />E. Kenzie – We have been a part of the solution in working with Hennepin County, landowner, and developer <br />of Bremer Bank to minimize the number of access points on Kenzie. We have not received much response <br />from the county but are open to figuring out long term solutions. County wants to seal off all entries on <br />the north side of Kenzie close to Stinson Parkway. We will continue to be part of the solution with <br />neighboring Bremer Bank <br /> <br />F. Land – We have an option with the current landowner and will continue to work to reduce the purchase <br />price based on material factors that brings the price into alignment with market. The extraordinary cost <br />currently in the land cost is due, in part, to easement off of Kenzie, but land price must come down to a <br />number that does not crush the project. This is in the works with seller. <br /> <br /> <br />Definable Issues of Cost <br />1. Parking – At our neighborhood meeting in February 2020, it was clear that the neighbors do not want <br />any parking on the west side of the property. This may not be entirely possible, but we did work to <br />come close. The MNPLS Park Board wants to keep the intent and aesthetic of the Horace Cleveland <br />Plan intact where this property abuts the parkway. Therefore, we removed as much parking as <br />possible on the west surface parking lot. Forty-four surface spaces were removed and our