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17 <br />Memo <br />To: Mike Morrison — City Manager <br />From: Stacie Kvilvang <br />Date: August 10, 2010 <br />Subject: Development Agreement -- Phase III Silver Lake Village Redevelopment <br />Back in 2003, the City and HRA entered into various Development Agreements with third parties to <br />redevelop the Northwest Quadrant in accordance with the Master Plan approved by the City. To date the <br />following developments have been completed: <br />Development <br />Snare Foota e/# of Units <br />Development Valuation <br />Phase I WalMart <br />143,000 Sq/Ft <br />$28.3 Million <br />Phase I Retail <br />59,000 Sq/Ft <br />Phase I Office <br />27,000 Sq/1,t <br />Phase I Market Rate Apartments <br />261 Units <br />$31.7 Million <br />Phase IA Condos <br />130 Units <br />$31.4 Million <br />Phase IIA Town Homes <br />26 Units <br />$5.8 Million <br />TOTAL <br />N/A <br />$97.2 Million <br />The total property value of the parcels these developments were placed upon when the TIF district was <br />created back in 2005 was $5.9 million. The new property valuations are $91.3 million greater than before or <br />over a 1,500% increase in property valuation. In addition, the new developments have brought retail and <br />restaurant opportunities to the community, medical offices and various housing opportunities that were not <br />available before. <br />In 2008, the condominium market declined due to oversaturation in the market. 'Development in the Silver <br />Lake Area was further impacted by the overall economic downturn and inability of people to sell their homes <br />and developers to obtain capital. Due to this, the remaining phases in Silver Lake Village have not moved <br />forward. <br />Apache Redevelopment LLC approached the City to enter into a new development agreement to finish out <br />certain portions of the Silver Lake Redevelopment. These include the following: <br />E H L E RS 3060 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br />LEADERS IN PUBLIC FINANCE Phone: 651-697-8506 <br />Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />Development <br />Parcel <br />New Phase <br />Development <br />Valuation <br />Vacant Apache Office Site <br />Phase IIIA <br />t 80 to 100 Senior A <br />$5.6 to $7 Million <br />JA Cadawallader Office Site <br />40 Senior Co -Op <br />$4.8 Million <br />Baker's Square Parking <br />Phase 11113q <br />5,000 to 10,000 S /Nt <br />$4.2 to $5.6 Million <br />Vacant Don's Car Wash Site <br />Commercial <br />-- -—..-... <br />Mart Car <br />Fuel Marc and Fuel— <br />—-... ...__..-.. <br />— <br />Pahse_IIIC_ <br />.-._. - .------- <br />—8 0 ----too100 Unit Senior <br />$5.6 to $7 Million <br />Wash <br />Continuum of Care <br />TOTAL <br />N/A <br />N/A <br />mit $24.4 Million <br />E H L E RS 3060 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br />LEADERS IN PUBLIC FINANCE Phone: 651-697-8506 <br />Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />