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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />December 8, 1992 <br /> <br />Page 7 <br /> <br />Council Business. continued <br /> <br />In order for the project to go forward, it would require tax increment <br />assistance and preparation of a development agreement. The terms of the <br />development agreement include: construction of a 110,610 sq. ft. facility <br />with minimum estimated market value of $3.8 million; construction <br />completed by December 31, 1993; City assistance in the form of a pay-as- <br />you-go note; payments to U.S. West made to the extent that sufficient tax <br />increment is generated to make payments; City administration fees and <br />payment for debt incurred related to the project will take priority over pay- <br />as-you-go payments; potential debt incurred for this project will be for <br />pUblic improvements and site acquisitions; a letter of credit required of U.S. <br />West; and U.S. West pays development fees for municipal service costs. <br /> <br />Mattila explained that Mr. leier's property runs from Cleveland Ave., <br />bisected by 1-35W, between the railroad ROWand 1-35W, and east of the <br />railroad ROW. From the City's standpoint. the property has been <br />landlocked. The City feels the property as it sits now is unbuildable <br />because it is bisected, it includes the Ramsey County drainage ditch, and <br />City industrial setback requirements would minimize the site. <br /> <br />Mr. Leier rents portions of the site for storage, and the portion overlooking <br />the lake is a raspberry farm. He hoped that when the Nixon property was <br />acquired, his land would be incorporated into the project. His sister and he <br />own the land and would like to sell. <br /> <br />Benke suggested staff research options of whether the City could <br />incorporate Mr. leier's site into the area around the lake, or if U.S. West is <br />interested in the site. <br /> <br />Motion by Gunderman, seconded by Larson, to ACCEPT STAFF REPORT <br />AND AUTHORIZE PREPARATION OF A DEVELOPMENT AGREEMENT BY <br />AND BETWEEN THE CITY OF NEW BRIGHTON AND U.S. WEST. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />locke presented the authorization to set a public hearing for the creation of <br />TIF District #20 (Jones lake). <br /> <br />Creation of a new tax increment financing district is needed to proceed with <br />the U.S. West project. Creating a TIF District requires a public hearing. <br />The proposed date for the hearing is February 9, 1993. <br /> <br />Motion by Gunderman, seconded by Rebelein, to WAIVE THE READING <br />AND ADOPT THE RESOLUTION TO AUTHORIZE STAFF TO PREPARE THE <br />NECESSARY DOCUMENTS FOR CREATION OF TIF DISTRICT #20 FOR THE <br />PROPOSED U.S. WEST PROJECT. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Proper presented a petition for street and utilities for the 5th Street SW <br />extension. <br /> <br />Set Public Hearing <br />for creation of TIF <br />District No. 20. <br />Report No. 92-272 <br />Resolution 92-130 <br /> <br />5th St. S.W. <br />authorization for <br />feasibility report <br />