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<br /> .' .1 /ic <br /> . ' MAP 25 '~3 D1: 2~?M EHLEPS ~. H=.=_':U::HTE; ..... <br /> . Ehlers and Associates.lnc. <br /> LEADERS IN PUBLIC FINANCE <br /> March 26, 1993 cc; Dorothy Person <br /> City Administrator <br /> cc: Lou McKenna <br /> Ramsey County Taxation <br /> and Records Director <br /> Terry Schutten Dr. Burton M. Nygren <br /> County Manager Superintendent of Schools <br /> Ramsey County Courthouse LS.D. No. 621 <br /> SO W. Kellogg Blvd., Suite 560 2959 Hamline Avenue North <br /> St. Paul, MN 55102 Mounds View, MN 55113 <br /> Re: Ta.,< Increment Financing District No.3: (Housing District) <br /> in Development District No. 1 <br /> - City of Arden Hills, MN <br /> On behalf of the City of Arden Hills, we are enclosing infonnation on <br /> . the fiscal and economic implications of the above tax increment plan <br /> for which the Council has called a hearing which will be held at <br /> 7:30 o'clock p.m. on Monday, April 26, '1993 at Arden Hills City Hall. <br /> The Chy of Arden Hills is considering a proposal by.Cottage Lifestyles <br /> for senior housing using tax increment financing. The project includes <br /> a 50-unit, two-story apartment building located on four parcels west <br /> of Cleveland Avenue, south of CoUnty Rsad E2 and north of Thom Drive ' <br /> in the City. The proj ect ,Iould benefit low to moderate income seniors <br /> and would create employment opportunities resulting from the construc- <br /> tion of the units and add about $2.1 nillion of new market value to the <br /> tax base. <br /> The ta.,< increments are expected to be captured over a period of about <br /> 15 years (see cash flow attached). <br /> If you wish to meet with representatives of the Chy prior to the <br /> hearing to discuss the project, please call Dorothy Person, City <br /> Administrator, at 633-5676. <br /> Sincerely, <br /> EHLERS AND ASSOCIATES, INC. <br /> . Carolyn Drude <br /> E.,<ecutive Vice President/Director <br /> OFFICES IN MI~INEAPOL!S. MN . BROOXFIELD. WI . JAMESTOWN, NO <br /> 2950 ,'Jor-.v~Sl C~!1Ir:r. 9U South Se'ie':',!!,: Streef ~ Mlnnei!;)OliS MN 554t12.4iOO. 6t2.!39-~T. ;;AX S12.339.oasa <br />