CCP 06-10-2002 - Laserfiche WebLink

Home Browse Search

28 N THURSDAY, MAY 9, 2002 ST. PAUL CITY HAll BRIEFING + City, developer redo Upper Landing deal . . Facing a funding shortfall, the developer of the Upper Landing ''urban village" in St. Paul agreed to a reworked deal with the city Wednesday. Officials from Dallas-based Centex Corp. blamed the fund- ing shortage on changes made in the' state Legislature last year reducing the amount of . tax-increment-financing (TIF) available for the project. The $170 million mixed-use devel- opment, which would add 600 housing units to the city's riverfront, is the most expen- sive project of its kind in St. Paul's history. The new agreement, which was approved by the Housing and Redevelopment Authority, would change an BRA loan to a $3 million grant to Centex. In return, Centex would give the city any extra revenue gener. ated from the Upper Landing TIF district. "Since the LegIslature changed the (TIF) law, we had to find a way to make the yield," said Roger Fraley, proj- ect manager for Centex. "In the end, we didn't get the deal we wanted, and the city didn't get what they wanted, but we got It done." Interim planning director Tony Schertler noted that the city's financial commitment could have been reduced if the developer removed affordable housing from the project, but city officials rejected that idea Fraley said that despite the funding obstacles, the project has stayed on course. The development has already begun to take shape on 21 acres along the Mississippi River. The first phase of hous- ing is expected to be under way later this year, and offi- cials are optimistic the project will be completed in the next four years. "The city bent over backwards with Centex to make the deal work," said Song Lo Fawcett, an attorney for the developer. 'We're real- ly happy about that." - MuraU Balaji . PUBLIC SAFETY Tuesday that it was ready to go ahead and start renovating the Benz Building immediate- ly, with or without the city. ''I'm willing to wait a week," County Board Chair. man Jim McDonough said of the delay. "But I don't think I can make any guarantees about the rest of the board." He doubted there would be any further negotiation on the deal. The city has several times considered co-Iocating police headquarters 'and the Ramsey County Law Enforcement Cen. ter. Mayor Randy Kelly pro- posed the move again this win- ter, hoping the move would open up the current headquar- ters site for downtown rede- velopment. "We need to get these agencies working side by side," Deputy Mayor Dennis F1aherty said Wednesday. "There are hnge benefits to integrating them together and share facilities. From a tax. dollar standpoint, it is clearly the most sensible. direction to go." - Tim Nelson PARKS AND RECREATION Town Square Park sales decision on hold The future of Town Square Park in St. Paul will be decided in June. The City Council on Wednesday held off on author- izing the sale of the downtown facility. . Instead, the council will make Its decision on how to sell the park at a public hearing June 5. A property management firm and a St. Paul caterer are vying to buy the indoor park, which was closed last year by the city as a cost-saving meas. ure. Sentinel Property Man- agement Co. and Michael Wong, who is operating a wed- ding reception center at the park, have both made offers to thp Mtv