CCP 10-14-1997 - Laserfiche WebLink

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------------ ~~~ ~ 12 " ARDEN HILLS SPECIAL EDA MEETING - SEPTEMBER 22. 1997 To securc thc rcdeveloper's obligations, special asscssments in the amount of 63.5% of the cost - of the Highway 96 and 14'h Street improvemcnt projects will be assessed against the redeveloper's propcrty. The othcr 36.5% ofthc cost of the projects will be paid from thc anticipated tax increment from the project being constructcd on the property owned by AmberJack, Ltd. (MSL). Becausc of the petition for improvemcnts filed by the developcr, the assessment proccss has been waived for the propcrties along 14'h Street. Thc assessmcnts on the redcvcloper's property will be released, in wholc or in part, as the phases of the devclopment are completed and assessment agrccmcnts are executed establishing minimum market valucs for tax purposes for the phascs. Assessments can be reinstated, if it bccomcs necessary. If the AmberJack property actually generates tax incrcment that is greater than thc tax incrcment generated based on the minimum markct value established in thc assessment agreemcnt, the EDA agrecs that the excess tax incrcment will be available to rcimburse the redeveloper for its payment of spccial assessments. Tax incremcnt is only excess if it is not nccdcd to pay thc costs of the City's public improvcmcnt projccts. Also, tax incremcnt that is in exccss of the amount needed to pay the City's bonds or any costs of the West Round Lake Road improvcments that are not assessed against private property will be used by the EDA to reimburse the redevclopcr and AmberJack for any paymcnts of assessments for the West Round Lake Road improvcments, to the extent that the EDA can legally do so. The agrcement does not includc language which would allow thc City to use excess proceeds . towards the acquisition of the A TS property before reimbursement to the redeveloper. The EDA should carcfully consider whether or not it wishes to have A TS included in thc City's initial public improvemcnt costs. Issucs of job and wage goals for this project arc being handled appropriately. Thc dcvcloper has requested that thc City incur the costs relatcd to the revised plans and specifications for 14'h Street improvcmcnts, estimated at $180,000. The EDA needs to determine if this is acceptable. Mr. Fritsinger stated the EDA is requestcd to approve the Developmcnt Agrecmcnt with Welsh Dcvelopment Company, LLC, substantially in the form presented subjcct to nonsubstantial changes being approved by the EDA's Development Attorney and the City AdministratorlEDA Secretary; authorize the Prcsident and Secretary/Treasurcr to execute all nccessary documentation and approve the agreemcnt subjcct to thc following items: 1. The approval and execution ofthc Salc and Purchasc Agreemcnt between the City of Arden Hills and Nacgelc Outdoor Advertising, Inc.; 2. Clarification on the costs related to thc Highway 96 improvements, particularly as it relatcs to Ramsey County's contribution; 3. Dctcrmination of the wctland mitigation costs and agreement by the partics as to . who is paying for these costs; 4. Completion of and compliance to all conditions idcntified on the approval of Planning Case #97-06;