CCP 10-10-2006 - Laserfiche WebLink

Home Browse Search

. . . Explanation: The City purchased the former Marv's Transmission property at 715 Old Highway 8 NW in December 2005. Proposals were solicited and received, and staff has been working with Timbercraft Enterprises, Inc. on a redevelopment proposal for office condominiums. The Council has considered and approved the terms of sale, a site plan, and a rezoning of the property to accommodate the use. Notice of this hearing was provided to the Ramsey County Board and School District #621, as required by statute. It was published in the September 27,2006 issue of the New Brighton Bulletin. The City has incurred substantial costs in the purchase, demolition, and cleanup of the site in order to entice the project and receive a good price for the land. These costs were paid for from the City's development fund, Fund #460, which has been supported by revenues from older tax increment financing (TIF) districts throughout the City. The establishment of a TIF district would allow the City to be reimbursed for a majority of those costs. The attached financial analysis documents the costs and the expected reimbursements. This is not a proposal to reimburse or subsidize the developers for this project; the land is being sold at a fair market value. The establishment of a TIF district is not a condition of the development. The sole purpose of a TIF district in this case is for the City to recover a portion of its costs and thereby allow the development fund to be replenished to that extent. In this way, the City will be able to address future areas of need for blight removal and redevelopment. This has been the practice of the City throughout the 25-year history of its development program. Jim Casserly of Krass Monroe will be available to answer any questions. ~./ -<< .d?'~ David W. Black Assistant Community Development Director I:ICOUNCILIREPORTSI20061Community DevelopmentIIO-IO-06ITIF #33 llearing,doc