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JAMES ADDITION REDEVELOPMENT SCENARIOS <br /> 1.0 Bapkground. <br /> 1.1 At the September 24, 1997 dames Addition Task Force meeting, staff was asked <br /> to prepare scenarios than illustrate the redevelopment potential of the study area <br /> bounded by Snelling on the east, the Rainbow/Shopping center parcel on the south, <br /> Fry Street on the crest, and Rosebrook Cfty park on the north. This area encompasses <br /> 6.2 acres and includes four parcels and city right-of-way for Fry Street and Oakcrest <br /> Avenue. <br /> 1.2 The four parcels to be redesigned within these scenarios include: <br /> a) Knights of Columbus, 2555 Snelling Ave. No., PID #09-219-23-11-0074, <br /> 1.44 acres <br /> Owner of Record: Nazareth Bldg. Assoc. Inc., 2555 Snelling Ave. N., Roseville <br /> 55113-2835 <br /> b) Kings of Columbus/National Tire, 2561 Snelling Ave No., PID##09-29- 3-11- <br /> 0073, 1.38 acres <br /> Owner of record: Nazareth Bldg Assoc Inc., 2555 Snelling Ave.N., Roseville <br /> 55113-2835 <br /> c) Horn Oak/Leather, 2525 Snelling Ave No,, PID#09- 9- -11-0007, 1.86 acres <br /> Owner of Record:capitol city Investment, 246 Albert St. ., St. Paul 55105-2458 <br /> d) Twin City Gym/King's Court,2560 Fry St. N., PID##09-29- -11-0004, 1.17 acres <br /> Owner of Record:Ric Inc, 2560 Fry St. N., Roseville 55113-2809 <br /> 1.3 Scenarios are attached as Alternatives 1 through 5. {Many variations can occur <br /> based on the mix of uses and the placement of the roads, as well as the interests of the <br /> property owners. Assumpfions made in these scenarios include the following: <br /> : <br /> a) New construction costs are based on 1997 known construction values. <br /> b) Construction would take approximately 2 years from approval date. <br /> c) No fiscal disparity is charged to housing projects <br /> d) senior housing is considered "affordable" housing, with reduced tax rate. <br /> e Roseville will continue to have construction and market demand seen in 1997 <br /> f) Inflation rate is 1 percent (can be adjusted in the model) <br /> g) Tax capacity rates and tax classifications reflect 1997 figures. <br /> h) Property taxes are carried out for 10 years, no bonding is shorn. <br /> i The value of the existing properties and development is derived from the <br />