2015.09.02 EDC Packet - Laserfiche WebLink

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address vapor intrusion concerns by installing individual sub -slab building venting systems due to proximity to Old Miller Dump. This will involve preparation of a RAP for approval by the MPCA Brownfield program. Barr Engineering staff will provide greater details on the environmental concerns during the meeting. Concept Master Plan Ryan Companies has developed a conceptual Master Plan that best meets the requirements of the New Brighton Exchange zoning district while maximizing square footage and accommodating all parking needs via surface parking. The City has forecasted approximately 60,000 SF but additional square footage could be accommodated based on a specific users' build -out as less office square footage decreases parking requirements. The concept master plan prepared by Ryan Companies includes an 80,000 SF tech/flex building. This plan also eliminates development scenarios that have been discussed whereby the land area of Block D is increased over dump -impacted land, which could have been used for additional surface parking to accommodate a larger building. This reduces grading costs that would be incurred because of the current topography and simplifying financing and MPCA approvals. Ryan Companies staff will provide greater details on the Master Plan, as it pertains to Block D, during the meeting. Financial Any future user of Block D may seek City assistance to overcome the financial impacts of the vapor intrusion system. Beyond that, there are not any known development constraints that would require additional concessions on the City's part. However, it's worth noting that as phase I and II assessments are completed, additional environmental issues could be uncovered. The City has forecasted in the New Brighton Exchange Financial Dashboard a 60,000 SF building valued at $100/SF, generating $2 million in TIF based on construction occurring in 2017. As is the case with Block B, tax increment is needed to help meet debt obligations within the district. As mentioned during the market update, the industrial land development market is strong but equates to a price per square foot less than the $100 (closer to $85) that has been forecasted for Block D. Thus, construction timing, size of building, anticipated market value, land price, and environmental costs all have an impact on the viability of any given deal. Because of the stronger industrial land development market, the ability to construct a building earlier, and an ability to accommodate more square footage on the same four acres, staff would recommend acceptance of opening up Block D to the possibility of a tech/flex building.