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<br />EXHIBIT XXXI-D <br /> <br />"BUT FOR" ANALYSIS <br /> <br />RRIGHTON VILLAGF SHOPPING CENTFR SITF' <br /> <br />The existing site, which is located in the northeast quadrant of 1-694 and Silver Lake <br />Road, contains an outdated commercial shopping center which is determined to be <br />blighted, is partially vacant and is functionally obsolete. The proposed redevelopment <br />for this site will (i) completely demolish the existing shopping center; (ii) vacate and <br />demolish existing streets; (iii) construct new streets, sidewalks, curb and gutter; (iv) <br />install a storm water run off system; (v) relocate utilities; (vi) construct parking facilities; <br />(vii) install retaining walls; and, (viii) mitigate any pollution. The cost of assembling and <br />preparing the site is estimated to be in excess of $4.0 million. However, the value of <br />this site for the uses being proposed is approximately $2.2 million. It is this difference <br />which will be assisted by the use of tax increment. But for the use of tax increment, the <br />proposed project would not proceed in the reasonably foreseeable future. <br /> <br />BEISSWFNGFR SITE: <br /> <br />This site, which is located adjacent to 1-35W and Highway 96 with good highway <br />access, contains four parcels. The site has numerous impediments to redevelopment <br />including multiple owners of small parcels with existing improvements which require- <br />demolition for the redevelopment to occur. Additionally the parcels are too small to be <br />developed individually for commercial use and the cost of assembling a developable <br />site without assistance is prohibitive. The redeveloper will (i) acquire the parcels; (ii) <br />demolish existing structures and parking areas; (iii) mitigate any pollution; (iv) relocate <br />and install utilities; (v) obtain part of a vacated right-of-way from Ramsey County; and, <br />(vi) prepare the site for the new uses. The cost of acquiring and preparing this site, <br />which is estimated to be in excess of $1.5 million, is substantially more than the site is <br />worth for its intended use, which is approximately $750,000. It is this difference that is <br />being financed by the tax increment assistance. But for the use of tax increment, the <br />proposed project would not proceed in the reasonably foreseeable future. <br /> <br />G,\WPDATA\N\NEW BRIGHTON\32\TIF\TIF PLAN EXHIBITS_DOC <br /> <br />XXXI-D-1 <br />