CCP 12-17-2001 - Laserfiche WebLink

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tit ~ ~ EN HILLS MEMORANDUM TO: EDA Commissioners FROM: Terrance Post, EDA secretarY/Treasurer@ SUBJECT: Tax Increment Financing District No.2 (Round Lake Office) Status Update DATE: December 14, 2001 . Backl!round Within the confines of Tax Increment Financing (TIP) District No.2 there are two areas of the district with development activitylinterest. Following is a brief discussion of the current status of each. Chesapeake Companies Proiect The development group is still in parcel assembly stage for their proposed project. They hope to close on the FairwaylNaegele parcels by year end. They have reached a tentative purchase agreement with MT Properties for the railroad spur and easements and hope to close by May 31, 2002. As a side note, the rail lessee (Minnesota Commercial Railroad) has told its tenant to remove the stored antique rail cars by May 31, 2002. The final parcel to be assembled is ATS Steel. Our understanding is that the parties are still far apart on completing a transaction. Chesapeake has engaged CB Richard Ellis to exclusively market their project and will be using McGough Construction for build out. Remnant Indykiewicz Parcel Earlier this summer the City had a serious prospect consider the site for a combined food/retail/office project. Due to the constraints of the site (positioning of the power line, triangular shape, and not enough parking spaces to support retail), they have backed off in terms of interest. . A question for EDA discussion is ifthe site should be marketed by staff or by an exclusive listing with an agent/developer. In any event, the Commissioners should weigh in on what type of development they would like to see on this intersection location. Commissioners may note that any development will require a variance from the Gateway Zoning District in that the minimum lot size in this zoning district is ten (10) acres and the remnant parcel is less than the minimum at 3.714 acres (161,802 square feet).