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<br />~, . <br /> <br />ifo-e'N <br /> <br />MEMORANDUM <br /> <br />Community Development Dept. <br /> <br />490-2241 <br /> <br />Date: <br /> <br />April 13, 1995 <br /> <br />To: <br /> <br />Steve Sarkozy <br /> <br />From: <br /> <br />Dennis Welsch/Rick Jopke <br /> <br />Subject: <br /> <br />JoIut Allen Request for Tax Increment Assistance <br /> <br />Mr. Allen is attempting to redevelop a site at 2621 Fairview Avenue. It is adjacent <br />to the Thenno King M Pacific Mutual Door site. Mr. Allen has had discussions with <br />Pacific Mutual Door about acquiring additional land trem the Thenno..King site <br />owned by Pacific Mutual Door. The $ite contains a vacant building and has an <br />identified soil contamination problem. The developer would demolish the existing <br />building, clean up the contamination, and develop an approximate 50,000 sq. ft. <br />office/tech building on the site. <br /> <br />The developer is currently working with the Minnesota Pollution Control Agency to <br />develop a remediation plan for the site. The developer estimates that the clean up <br />wiU cost approximately $250,000. The developer has indicated tlIat they would be <br />requesting between $400,000-$500,000 of total TIP assistance to cover the clean <br />up, grading, demolition, al1d land write-down of the site. <br /> <br />This site is currently not within an existing Tax. Increment Financing District. The <br />site could be qualified as a Redevelopment District which could be in place for 25 <br />years. Based on type and size of development being proposed by Mr. Allen, staff <br />, would estimate that approximately $36,000 of tax increment would be available <br />each year on a paYMas..you-go basis to assist tbe development. <br /> <br />It is Community Development staffs recommendation that the City Council discuss <br />this matter at the Apri117, 1995 Work Session and provide direction to staff and the <br />developer on whether or not staff should begin the process to set up a tax increment <br />financing district to provide assistance on the proposed site. <br />