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<br /> ------- ---------- <br /> . <br />~ .-. <br /> FIVE-YEAR CAPITAL IMPROVEMENT PLAN <br /> EDA Gateway Land 702-0 I $75,000 <br /> Acquisition <br />. <br /> SCHEDULED PROJECT ACTIVITY <br /> FUNDING SOURCE 1999 2000 2001 2002 2003 FUTURE <br /> Tax Increment $75,000 <br /> Financing <br /> LOCATION <br /> Round Lake Road area (Gateway Business District) <br /> DESCRIPTION <br /> This acquisition includes the Minnesota Commercial Railroad R-O- W property or other property <br /> acquisition necessary to continue the development of the GBD, <br /> JUSTIFICATION <br /> The acquisition of the project areas would assist with redevelopment of the area for a potential office <br /> development. <br /> CURRENTSTATUS~ROJECTEDSCHEDULE <br /> The City expects negotiations to continue with developers in 1999 on the project, <br /> RELATIONSHIP TO EXISTING PLANS AND OTHER PROGRAMS <br />- <br /> This project is also related to potential inclusion of the ATS, Naegele/Morris, and Vaughan Tower <br /> property. The City may not need to incur costs should the redevelopment occur through the use of <br /> private development dollars, The City Council has previously given direction that the remainder of <br /> the development in the Gateway Business District will be based on "pay-as-you-go" tax increment <br /> financing. As a result, the City will not incur large up-front costs for land acquisition. <br />