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I .STUOY AREA ON�E Paper-Calmenson Site This property consisting of 271.02 acres has an enormous structure which was successfully operated for several, deca es as one of' the area's most modern and productive steel, fabricating mills., Steel construction went into a rapid diecline 'in the recession of the late 1970s. As a " result,, the steel mill is closed and is now solely occupied by a, snowplow blade construction manufacturing facility. Thus, the buildings are largely empty and are a prime candidate for reuse. The "Ic onsultant's recommendations suggest, this as an *Industrial area with a AN long rn�ge, potential for office conversion. We suggest that wit is important that the City take immediate action to get this land redeveloped prior to its conversion to any other industrial use. Due, to the cost of removal, any imminent redevelopment of this land will be costly and a subsequent large investment in redevelopment, will likely continue for a long period of time. There are two major problems that must be successfu�lly solved to redevelop this land effectively: Existing taxes an the property are high due to its former use making Tax Increment financing difficult to work. Ze The owners appear to disregard the negative im�p�act, an the land value due to the existing structures,. These structures are a liability to the reuse, of the land and, therefore, must be discounted in the value of the property. The land is now overpriced.