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<br />Ehlers created a plan that made use of tax increment fmancing and the City's borrowing capacity to <br />encourage the redevelopment of a shopping center. Faced with the loss of the anchor grocery store, the <br />City worked with a private developer on a major renovation of the Market Place shopping center. The <br />City issued bonds and loaned the proceeds to the developer for the acquisition and renovation of the <br />center. This step attracted new tenants to the center, including a larger grocery store. The City also <br />retained influence over the exterior improvements to the facility. The City's loan was paid off in less <br />than three years. In addition, the City received almost $200,000 in revenues that can be used to meet <br />other development needs. <br /> <br />An early step in the implementation process was to seek a private development "partner" for the area. <br />Ehlers worked with City Staff to create a solicitation of developer interest process. The objective of the <br />process was to attract and select a developer capable of creating new development within the <br />parameters of the Development Guide. Development Guide serves as a tool to attract and evaluate <br />development projects. Ehlers created a cash flow model to identify the revenue and expense <br />components ofthe proposed projects and to test the feasibility of various development options. <br /> <br />Arden Hills Proposal for Resource Plan and Fiscal Impact Analysis <br /> <br />TeMP <br />