Laserfiche WebLink
<br />... <br /> <br /> <br />Report #79-347 <br />March 8, 1979 <br /> <br />ew <br /> <br /> <br />Iri9hton <br /> <br />REPORT TO THE CITY COUNCIL <br /> <br />TAX-EXEMPT MORTGAGE FINANCING <br />IRVIN P. MOEN <br /> <br />PURPOSE <br /> <br />This report reviews the request of Irvin P.Moen for a Tax-. <br />Exempt Mortgage Loan in relationship to the guidelines for <br />such financing established by Council Resolution #2l68. <br /> <br />BACKGROUND <br /> <br />At the February 27, 1979 Council meeting a request was <br />received from IrviZ. Pl. "Moen for approv.al of a, preliminary <br />resolution for tax~lpt mortgage financing. The tax- <br />exempt financing is for a proposed project consisting of <br />a 35,000 square foot newly constructed office/warehouse type <br />building to be located upon 4.18 acres of land at 2172 Old <br />Highway 8. The Council indicated that information regarding <br />the project (e.g. site plans, building plans) should be <br />provided and that conformance to Council guidelines should be <br />reviewed. Mr. Moen has recently submitted the enclosed site, <br />elevation and floor plans, for development of the property <br />which lies immediately south of the New Brighton-Mounds View <br />border and just west of Old Highway 8. <br /> <br />PROPERTY CHARACTERISTICS <br /> <br />As the attached location map indicates, the property recently <br />purchased by Mr. Moen is "UIl-shaped with its most usable area <br />located to the west or at the bottom of the "U". The parcel <br />surrounds, on 3 sides, another parcel approximately .75 acres' <br />in size. At the February 27th Council meeting Mr. Moen <br />mentioned that he was considering purchasing the property and <br />that he had either an option or first right of refusal. <br /> <br />Along the northern border of the "U"-shaped parcel there is an <br />existing 30 foot road easement presumably to provide access to <br />the Herbst land fill property, located immediately to the west. <br />On the southern leg of the "U"-shaped parcel.there is a power <br />transmission tower located near Old Highway 8. <br /> <br />Both properties noted above are currently zone I-2, Heavy <br />Industrial. Both properties are also developed with single- <br />family homes which are Type II non-conformities as residential <br />units are not permitted in Industrial Districts. <br /> <br />Issued by City Manager <br />