2020-02-26 Report - Laserfiche WebLink

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Year-end Fund Balance Estimate Un-audited, year-end financials are now available. The city finished the year under budget and has substantial fund balance in its general fund. Escrow Review Staff is actively working to close out escrow accounts from developments whose projects are built or have been through the full review process. COMMUNITY DEVELOPMENT Comprehensive Plan We have now received word from the Met Council that our Comprehensive Plan approval of the plan in the coming months. Old Mill Estates Several building permits have been issued and home construction is in full swing. There are three builders active on the site. Sidewalk and trail construction will be completed in the spring to avoid problems with late season construction and damage from builders. Retaining walls have been completed. The developer is seeking approval of Phase II. Staff is working with him to bring this application forward to the City Council in March. Bay View Villas (Waterworks Site) Home building is well underway. The developer have been addressing erosion control and public safety issues raised by Rice Creek Watershed District and the City, respectively. A Conditional Use Permit was approved at the last City Council meeting to add 5 boat slips, for a total of 9 for the upland homes. (one each). Block 7 Property e Tax Increment Financing (TIF) Agreement, based on the revised terms of a 16-year agreement, still worth $1.35 M in present value. Staff and consultants will be working with the developer to map out a timeline of the process. There are three major agreements which will need to be executed if the project is to move forward. Those include a Purchase Agreement for the property, a TIF is important that each of these agreements be congruent with the others and that the timing of each works for all stakeholders. The Purchase Agreement will be brought forward at the March 11 City Council meeting. 7241 Main Street No recent news.