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<br />REQUEST FOR COUNCIL DISCUSSION/DIRECTION <br />DATE: 11/17/97 <br />ITEM NO: <br />Department Approval: Manager Approved: Agenda Section: <br /> <br />Item Description: <br /> <br />EVEREST DEVELOPMENT TIF PROPOSAL AND <br />LAND USE CONCEPT - HAMLlNE AVENUE <br /> <br />1.0 Backaround <br /> <br />On September 11 staff met with Tim Nelson and Rick Baker of Everest Development to <br />discuss their use of the land directly north of the Ramsey County Library for an office <br />complex. Everest is interested in building a 150,000 s.f. office building with <br />approximately 750 parking spaces in a two-tier ramp, Nelson estimated the value at $8 <br />to $9 million and the new taxes at $350-$450,000 annually before fiscal disparities is <br />taken out. In order to accomplish this, they have asked whether TIF assistance was <br />available to write down/acquire the Wilbert-Chandler-Brown Vault Company, currently <br />with an estimated value is $650,000 according to County records. In addition, there <br />would be business relocation costs and contamination clean up. <br /> <br />Everest's contribution to the site would be the 2.78 acres they own, with 4 homes, one <br />of which is burned out, another is vacant at this time. All renters are on a month-to- <br />month basis with Everest Everest estimates that their cost of the land (and holding <br />costs) for the 2.78 acres is $10.00 per foot (or $1,211,000 for the 2.78 acre Everest <br />site) based on previous values established for the 1992 Library purchase of the <br />adjoining site . <br /> <br />It i.s not clear whether Everest is also asking for a TIF write down/reimbursement on <br />their 2.78 acres. Mr. Nelson said he wanted assistance similar to other Ryan and <br />Opus packages. Staff explained that the current TIF policy is for pay-as-you-go TIF <br />assistance and that the City Council would have to change its land use policy of not <br />encroaching in residential areas. - (I told him I felt this would be very difficult for the <br />Council to do.) On November 7,1997 a partial application for the change in the <br />Comprehensive Plan was submitted by the developer. Staff is currently reviewing <br />the application for adequacy as per the State's 60 day project review rule. <br /> <br />Mr. Nelson also sought direction regarding the land Everest owns for other types of <br />development or a partnership with others to construct housing. No plans are yet <br />available for this alternative. However, suppose that 100 units could be constructed on <br /> <br />1 <br />