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<br />JAMES ADDITION REDEVELOPMENT SCENARIOS <br /> <br />1.0 Background <br /> <br />1.1 At the September 24, 1997 James Addition Task Force meeting, staff was asked <br />to prepare scenarios that illustrate the redevelopment potential of the study area <br />bounded by Snelling on the east, the Rainbow/Shopping Center parcel on the south, <br />Fry Street on the west, and Rosebrook City park on the north. This area encompasses <br />6.2 acres and includes four parcels and City right-of-way for Fry Street and Oakcrest <br />Avenue. <br /> <br />1.2 The four parcels to be redesigned within these scenarios include: <br /> <br />a) Knights of Columbus, 2555 Snelling Ave. No., PID #09-29-23-11-0074, <br />1.44 acres <br />Owner of Record: Nazareth Bldg. Assoc. Inc., 2555 Snelling Ave. N., Roseville <br />55113-2835 <br /> <br />b) Kings of Columbus/National Tire, 2561 Snelling Ave No., PID#09-29-23-11- <br />0073, 1.38 acres <br />Owner of Record: Nazareth Bldg Assoc Inc., 2555 Snelling Ave.N., Roseville <br />55113-2835 <br /> <br />c) Horn Oak/Leather, 2525 Snelling Ave No., PID#09-29-23-11-0007, 1.86 acres <br />Owner of Record:Capitol City Investment, 246 Albert St. S., St. Paul 55105-2458 <br /> <br />d) Twin City Gym/King's Court,2560 Fry St. N., PID#09-29-23-11-0004, 1.17 acres <br />Owner of Record:RKC Inc, 2560 Fry St. N., Roseville 55113-2809 <br /> <br />1.3 Scenarios are attached as Alternatives 1 through 5. Many variations can occur <br />based on the mix of uses and the placement of the roads, as well as the interests of the <br />property owners. Assumptions made in these scenarios include the following: <br /> <br />a) New construction costs are based on 1997 known construction values. <br />b) Construction would take approximately 2 years from approval date. <br />c) No fiscal disparity is charged to housing projects <br />d) Senior housing is considered "affordable" housing, with reduced tax rate. <br />e) Roseville will continue to have construction and market demand seen in 1997. <br />f) Inflation rate is 1 percent (can be adjusted in the model) <br />g) Tax capacity rates and tax classifications reflect 1997 figures. <br />h) Property taxes are carried out for 10 years, no bonding is shown. <br />i) The value of the existing properties and development is derived from the <br /> <br />1 <br />