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I I I Council Meeting Minutes February 24, 1998 Page 5 Council Business. continued The Economic Development Commission feels the project is worthy of consideration. The anticipated market value of the new facility would be $1,006,400. The City consultant analyzed the financial aspects and concluded that sufficient TIF Revenue can be generated from the project. The following steps are needed: prepare redevelopment agreement, direct staff to set a hearing for the expansion of Development District #1, and set hearing for creation of a new TIF #24. Samuelson asked what zoning requirements need to be met. Locke explained that all commercial projects require site plan approval by the Planning Commission. Benke asked if sidewalks would connect to the nearby neighborhoods. Locke said there are issues to resolve including sidewalks, holding ponds, and building appearance, Motion by Larson, seconded by Samuelson, to WAIVE THE READING AND ADOPT THE RESOLUTION AUTHORIZING STAFF TO PREPARE REDEVELOPMENT AGREEMENT WITH NUTEC CONSTRUCTION, SET HEARINGS AND PREPARE DOCUMENTS FOR THE EXPANSION OF DEVELOPMENT DISTRICT NO.1 AND CREATION OF TIF DISTRICT #27. 5 Ayes - 0 Nayes, Motion Carried, Fulton presented authorization to begin the address correction process for the Old Hwy 8 Corridor, This issue was brought forward as a result of the Hwy 8 Corridor Vision. The New Brighton/Mounds View Chamber conducted a survey of impacted properties, and the City held public meetings to discuss the address sequencing and name change, Economic Development Specialist Jill Bishop said the roadway currently has three names: 5th Ave" 8th Ave. and Old Hwy 8, The consensus of the businesses and residents is to retain the Old Hwy 8 designation throughout the entire corridor with NW and SW directional radiating from Co. Rd, E. To ease the transition, the process could be timed with telephone area code changes scheduled in July, The Public Works sign shop would manufacture the required 22 street signs at a cost of $1,000. The City Hall and Fire Station would also be affected by the name change. Gregori agrees with the recommendation, and noted the efforts of Carol Frey, Chamber Director, in notifying affected businesses. He proposes that at the March 14 Town Hall Meeting, audience members be encouraged to state their preferences, Council would then make final name selection at the March 24 meeting. He suggested that the ~ Brighton Bulletin publicize the name selection process. Samuelson asked the timeline of the name change. Bishop said the process involves adoption of an ordinance, and the Post Office would provide a 12 month transition period followed by 6 months of mail forwarding, Benke said the process involved many public meetings, and does not believe a hearing is required. He agreed with Gregori, but has not heard of any other proposed names. He asked residents to contact City Hall of their opinion for the name change. Carol Frey said many businesses are anxious to receive word of a final name selection to allow time for the printing of new business materials. Council Business Nutec Proposal Report 98-053 Resolution 98-017 Old Hwy 8 Address Correction Process Report 98-055