Laserfiche WebLink
REQUEST FOR CITY COUNCIL ACTION <br />DATE: 12/06/99 <br />ITEM N: <br />a ent Approval: Manager Approved: Agenda Section: <br />Reports <br />Iteii Description: Redevelopment: sunrise Assisted Living (James Addition) <br />P F'1 6J <br />1.0 <br />BACKGROUND: <br />1.1 At the November 22, 1999 council meeting, city staff and representatives from <br />Sunrise Senior Housing and the Schoening Group presented a redevelopment <br />concept and terms sheet for the four (4) acres north of Oakcrest and east of <br />Snelling Avenue referred to as the James Addition site. The Council requested <br />further work on the financial package and possible loans, and directed the <br />Manager and city Attorney to prepare a development agreement. What is <br />attached is some of the progress that has been made since that meeting. <br />1.2 The site currently includes the Knights of Columbus 12,700 s.f. facility which is <br />leased by several Bingo operators and the 18,000 s.f. Dings Court racquetball <br />facility which is currently vacant, but which will be renovated as a gym and <br />weight lifting club by Ban Stock. <br />1.3 The proposal now includes the demolition of the Knights of Columbus building <br />with construction of approximately 70-units of assisted housing, 19,000 s.f. floor <br />plate and three stories in height and renovation of the racquetball /gyre building. <br />(see proposed site layout) The City desires to provide additional parking for <br />Rosebrook Park and has developed a plan to provide a new access road to the <br />sites with some shared parking. This proposal is consistent with the James <br />Addition Task Force recommendations. (A letter requesting comment has been <br />sent to the residents in the area.) <br />1.4 Based upon over 9 million in new value created by the development of the <br />Sunrise Senior facility, $135,000 in net, new property taxes would be created. <br />The City's portion of those new taxes is approximately $20,000 annually. <br />PROJECT SOURCES /USES SUMMARY <br />.1 Attached is a summary of the sources and uses of funds based upon what the <br />developers can pay for the land and ghat the existing owners are requesting. <br />2.2 There is an estimated $250,000 financial gap that includes demolition soil <br />correction costs building renovation, new storm water ponding, and a new <br />shared access road. <br />REDEVELOPMENT ASSISTANCE SUMMARY <br />3.1 To fill the gap staff has reviewed include the Developer's private contracts, and <br />public infrastructure long term, low interest assessments funds. <br />RCA_PF3 1 59 Sunrise 120699 Page I of <br />