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14 <br /> Physical Redevelopment <br />Achieve residential tax base growth of $9.5M by 2019; C/I tax base growth of $5M by 2016 <br /> <br />RESULTS <br /> <br />Total Residential Property Values (2011-2015) * <br /> <br /> <br />Total Commercial/Industrial Property Values (2011-2015) * <br /> <br /> <br />* Source: Ramsey County Assessor <br /> <br />INTERPRETATION <br /> <br />As of May 31, 2016, four office projects and an apartment building have been completed with a total <br />taxable market value of nearly $58 million. Additionally, Pulte Homes is in the process of constructing <br />125 homes, consisting of 89 single family homes and 36 townhomes. To date, 89 building permits <br />have been issued with construction ahead of schedule. Contractually, all 125 units must be complete <br />by September 13, 2019 but it is anticipated these units will be complete by the end of 2017. Pulte’s <br />Enclave development, as well as future option phases with CSI and APi, could increase the tax base by <br />another $56 million by the end of 2018. <br /> <br />RESPONSE <br /> <br />City staff will continue to work with Ryan Companies and Colliers International to actively market the <br />remaining sites (about 14 acres) in order to reach full build-out by 2022. The single biggest challenge <br />in securing development on the remaining sites, particularly the sites on the east side of Old Highway <br />8, is whether the City can obtain the appropriate approvals from the Minnesota Pollution Control <br />Agency regarding landfill gas migration and obtrusion concerns. <br /> <br />$1,100,000,000$1,200,000,000$1,300,000,000$1,400,000,000 <br />2011 2012 2013 2014 2015 <br />$310,000,000$320,000,000$330,000,000$340,000,000 <br />2011 2012 2013 2014 2015