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CCP 12-17-2001
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CCP 12-17-2001
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<br />tit <br /> <br />~ <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />TO: EDA Commissioners <br /> <br />FROM: Terrance Post, EDA secretarY/Treasurer@ <br /> <br />SUBJECT: Tax Increment Financing District No.2 <br />(Round Lake Office) <br />Status Update <br /> <br />DATE: December 14, 2001 <br /> <br />. <br /> <br />Backl!round <br />Within the confines of Tax Increment Financing (TIP) District No.2 there are two areas of the <br />district with development activitylinterest. Following is a brief discussion of the current status of <br />each. <br /> <br />Chesapeake Companies Proiect <br />The development group is still in parcel assembly stage for their proposed project. They hope to <br />close on the FairwaylNaegele parcels by year end. They have reached a tentative purchase <br />agreement with MT Properties for the railroad spur and easements and hope to close by May 31, <br />2002. As a side note, the rail lessee (Minnesota Commercial Railroad) has told its tenant to <br />remove the stored antique rail cars by May 31, 2002. The final parcel to be assembled is ATS <br />Steel. Our understanding is that the parties are still far apart on completing a transaction. <br />Chesapeake has engaged CB Richard Ellis to exclusively market their project and will be using <br />McGough Construction for build out. <br /> <br />Remnant Indykiewicz Parcel <br />Earlier this summer the City had a serious prospect consider the site for a combined <br />food/retail/office project. Due to the constraints of the site (positioning of the power line, <br />triangular shape, and not enough parking spaces to support retail), they have backed off in terms <br />of interest. <br /> <br />. <br /> <br />A question for EDA discussion is ifthe site should be marketed by staff or by an exclusive <br />listing with an agent/developer. In any event, the Commissioners should weigh in on what type <br />of development they would like to see on this intersection location. Commissioners may note <br />that any development will require a variance from the Gateway Zoning District in that the <br />minimum lot size in this zoning district is ten (10) acres and the remnant parcel is less than the <br />minimum at 3.714 acres (161,802 square feet). <br />
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