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2003_0915_packet
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2003_0915_packet
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7.0 Suggested Coundl ActionNuture Discussion <br />7.1 Staff's suggesting that Council dedicate at least 1 hour to . <br />more fully dlscsron the <br />future desired uses of TIF District No. 12 proceeds on tent <br />ber22 at 6: <br />00 p. m;. <br />7.2 SWTbW evaluated the Pmi" throat out the ci and <br />ty recommends that the land <br />proceeds and TIF generated fiom the Apple ood Pointe project be ' <br />. � a used to a following <br />priority order. <br />1, Reimburse cost inch to date to the HRA fund in an <br />estiniated amount of <br />$140,143. <br />2' Cover ment the future costs associated with the development of <br />. � as � Arona site such TIF <br />analysts and. public infrastructure (ponding, Terrace Drive extension, si <br />. de�vall� <br />extension on Terrace), etc. These costs will not he full reamed untfl sometime <br />0 � in once the road and pond are fuller constructed. The proceeds fom the sale and if <br />heeded TIF generated fiiom the development should be held to cover <br />these costs. <br />Any excess land sale proceeds after construction is complete should be used in th <br />: <br />P e following <br />manner <br />3, Reimburse the HPA for costs associated with the development of the time p first me buffer <br />hones within Applewood Pointe — estimated at over $300,000. <br />4. Since the initial purchase of the Arona site came from the economic development <br />fund, future proceeds generated fi-om the site should be applied to futur <br />redevelopment PP e <br />P ent efforts such as public in costs associated with Twin Lakes <br />and/or other identified redevelopment areas throughout the City. <br />Prepared by. Cathy Bennett (490 -2241) <br />Exhibits: <br />I. TIC' District No. 12 Financing Plan dated 2122190 <br />2. MN State statute sections 469.124 through 469.134 <br />I Arona site cost spreadsheet <br />4. Memo Born Krass Monroe <br />WictoriakCo mm DMEconoyn ic DcvaloPmenATIF District Plan\DIS ' # 12 \0 8�4 03 TLF district 12 overriaw,dou <br />RCA TIF District #12 (080403) - Page 5 of 5 <br />
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