Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />FIVE-YEAR CAPITAL IMPROVEMENT PLAN <br /> <br />DEPARTMENT PROJECT PROJECT FIVE-YEAR COST <br />EDA TITLE NUMBER $75,000 <br />Gateway Land 702-01 <br />Acquisition <br />SCHEDULED PROJECT ACTIVITY <br /> <br />2000 2001 2002 2003 <br />$75,000 <br /> <br />FUNDING SOURCE <br />Tax Increment Financing <br />LOCATION <br />Round Lake Road area (Gateway Business District) <br />DESCRIPTION <br /> <br />FUTURE <br /> <br />2004 <br /> <br />This acquisition includes the Minnesota Commercial Railroad R-O- W property or other <br />property acquisition necessary to continue the development ofthe GBD. <br /> <br />JUSTIFICATION <br /> <br />The acquisition of the project areas would assist with redevelopment of the area for a potential <br />office development. <br /> <br />CURRENTSTATUS~ROJECTEDSCHEDULE <br /> <br />The City expects negotiations to continue with developers in 1999 on the project. <br /> <br />RELATIONSHIP TO EXISTING PLANS AND OTHER PROGRAMS <br /> <br />This project is also related to potentiill inclusion of the ATS, Naegele/Morris, and Vaughan <br />Tower property. The City may not need to incur costs should the redevelopment occur through <br />the use of private development dollars. The City Council has previously given direction that the <br />remainder of the development in the Gateway Business District will be based on "pay-as-you- <br />go" tax increment financing. As a result, the City will not incur large up-front costs for land <br />acquisition. <br />