CCP 01-20-1993 - Laserfiche WebLink

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. Historically, properties in this area and of this nature, have successfully supported mixed use business park type development with uses ranging from light industrial to office. A good example of this type of development would be our Mounds View Business Park project. We do not feel, based upon our experience in and observation of the marketplace, that the site can support office, hotel, or other higher intensity forms of development. Based upon the characteristics of the site and the market for property in the area, we feel that the highest and best use, and in practical terms the only feasible use, for the property will be a mixed use business park similar to our Mounds View Business Park project. The development site can accommodate approximately 1,050,000 - 1,200,000 square feet of developable space depending upon the nature of use and building layout. A preliminary concept plan is attached which shows both the level of development as well as an effective site layout. citv Participation A key element in realizing the development potential of the site will be the cooperation and participation of the city. At this time, most of the communities surrounding . Arden Hills are offering tax increment financing and other incentives to attract and facilitate development. Additionally, most of the same cities have become proactive in the development process creating an environment of cooperation and assistance which acts to facilitate rather that impede development. Absent such city involvement, the development potential of the site is diminished substantially and would not justify expenditure of time or money for proper marketing. Prooosed Develooment Aareement In view of the foregoing, we would propose that the city and Everest enter into a Development Agreement which would contemplate cooperation, joint effort, and joint participation in the planning, marketing,' acquisition and development of the property. The basic elements of agreement would be, as follows: 1. If not already in place, the city will create or agree to create a redevelopment district or an economic development district, as permitted by applicable law, for the purpose of making tax increment financing available to assist and facilitate development. .