CC_Minutes_2014_0210 - Laserfiche WebLink

Home

Regular City Council Meeting Monday, February 10, 2014 Page 24 e. Discuss Redevelopment of the Dorso Property, Tax Increment Financing (TIF) Assistance City Manager Trudgeon distributed two bench handouts at this time, consisting of a concept plan for the project and a draft resolution of support. City Manager Patrick Trudgeon summarized the request for TIF assistance to fa- cilitate development of the former Dorso property, located at 2814 Cleveland Av- enue and former home of American Semi, for development of a 115,000 square foot, two story work headquarters for Colliers International, Inc. (CSI) world headquarters for a medical device manufacturer. Mr. Trudgeon noted that the project is still in preliminary stages, and would still require significant due dili- gence; however, staff was seeking feedback from the City Council on whether or not they would consider potential TIF assistance for the project in TIF District No. 17, including site clean-up (estimated at $1 million) and to address the re- maining financial gap (estimated at approximately $3 million) to facilitate the project. Mr. Trudgeon noted that financial assistance would be predicated on the firm's occupation of the building for a minimum number of years; and as part of the fi- nancial package, consideration would be given to allotment of Sewer Access Credits (SEC) for the development, as outlined in the draft resolution. Mr. Trudgeon further noted that consideration would be given to the City's participa- tion in any federal, state, county or Metropolitan Council grants, and a pledge by the City that review of the firm's application would be completed in a timely manner. Councilmember Willmus opined that this is the type of use everyone would like to see in the Twin Lakes Redevelopment Area; and expressed his excitement about the opportunity to make something work and his hope that CSI can call Ro- seville home in the not too distant future. Councilmember Willmus expressed ap- preciation for staff tying the City's financial support to the firm's commitment to staying in the community, an important aspect for him. Councilmember Willmus further opined that this was a great opportunity and he'd like to see it happen. McGehee moved, Etten seconded, approved adoption of Resolution No. 11132 (bench handout) entitled "Resolution Supporting the Provision of Financial Assis- tance to a Property in the Twin Lakes Redevelopment Area." Councilmember Laliberte agreed with the comments of Councilmember Willmus, noting that the first time this proposed project had been discussed, she had also supported exactly this kind of project for use of TIF assistance. Councilmember Laliberte also liked the idea of tying a time component of fifteen years to the fi- nancial assistance; noting that the goal was not only for the firm to move into the