CCP 08-08-1994 - Laserfiche WebLink

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. '" . . MINUTES CITY OF ARDEN HILLS, MINNESOTA SPECIAL WORKSESSION JUNE 27, 1994 6:00 P,M. - NEW BRIGHTON CITY HALL COUNCIL CHAMBERS CALL TO ORDERlROLL CALL Pursuant to due call and notice thereof, Acting Mayor Probst called to order the City Council worksession at 6:02P.M. Present: Mayor Sather, Councilmembers Beverly Aplikowski, Paul Malone, and Dale Hicks; City Administrator Dorothy A. Person; City Accountant, Terry Post; Community Planning Coordinator, Brian Fritsinger and; City Development Attorney Robert Deike. Appearing before the Council on behalf of Everest Development, Ltd. were Robb Davidson, Tim Nelson, and Jim Casserly, financial consultant. The preliminary development agreement was reviewed for potential development of the Gateway Business District in Arden Hills. Nelson reviewed that the City and Everest have considered possible development of the Round Lake area for approximately a year and a half. There have been various reasons for this consideration taking longer than was hoped, including one of the Everest partners leaving the firm. . At this time Everest would like to ask the Council to consider discussing their concept development proposal and the proposed preliminary Development Agreement. The agreement includes a 90 day submission period for a number of documents to assist the Council in its consideration of this project. Everest requests that pay-as-you-go tax increment financing be used to assist with the development of seven buildings, to reimburse TIF costs, including land acquisition, soil correction, site improvements, etc. Everest requests the City consider the issuance of tax increment bonds to finance the installation of public improvements for the project. Financial consultant Casserly anticipates that the tax increment generated by the development of the first two buildings will cover the City's debt service on the bonds. Everest requests the City assist in the development of the 12 acre "signature building" site for office and/or corporate headquarter purposes. This site currently has an industrial building on site. Everest states they will aggressively market the site but that timing will depend on the market and the level of assistance available from the City. Everest believes that the tax base created with this development will benefit all taxing districts. . In 1989 when this district was created, the tax rate for calculating tax increment was frozen at the then current tax rate of 89.381 %. Currently the tax rate is 132.142. These additional taxes will