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<br />. <br /> <br />Abandoned wells <br /> <br />. <br /> <br />Fill of unknown origin used to infill Wilson Pond in Area 1 and several <br />smaller ponds in other Areas <br /> <br />Other obstacles to redevelop the area proposed for inclusion in the TIF District include: <br /> <br />1. Multiple parcels and property owners add to the difficulty and expense of <br />site assembly <br /> <br />2. High cost to acquire current buildings and re!ocate businesses <br /> <br />3. Unknown impact of pond infill, petroleum leaks and spills and other <br />hazardous substances on adjacent parcels makes parcel-by-parcel <br />redevelopment difficult <br /> <br />4. Cost of demolition and removal of buildings, pavement and other <br />improvements <br /> <br />5. Inadequate street layout and property access, necessitating new and <br />relocated roads (the Twin Lakes Parkway and Prior Avenue extension will <br />need to be constructed at the beginning of the redevelopment) <br /> <br />6. Need for significant major street intersection improvements to handle <br />current and future traffic flow <br /> <br />7. Need for new utility infrastructure, including a storm water management <br />system and water and sanitary sewer relocation and installation <br /> <br />The current assessed value of the properties to be included in the TIF District is $30.2 <br />million. The market value of the redevelopment, which will include approximately 730 <br />loft, townhome, and senior condominium housing units, 225,000 square feet of <br />corporate and other office space and 325,000 square feet of retail and restaurant <br />space, is projected to be $212.4 million. <br /> <br />It is estimated that the present value of tax increment, resulting from the development <br />described above, generated over the life of the TIF District will be approximately $28.4 <br />million, while the present value of the additional tax increment received from creation of <br />the subdistrict will be approximately $4.0 million. . The tax increment generated by the <br />subdistrict may be used only for remediation and certain other costs authorized by the <br />TI FAct. <br /> <br />The cost of acquiring the parcels for redevelopment and of demolition, relocation, <br />remediation, infrastructure relocation and improvements and associated site <br />preparation costs are estimated to be $65.9 million. The market value of the site for <br />