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Draft 11/13/98 2. Twin Lakes Redevelopment Plan - (Appendices Book 2 - 12.7 A) The Twin Lakes area is located on County Road C between Cleveland, just east of Fairview and is a total of 188.4 acres, generating a market value of $59.2 million. A market driven redevelopment plan was completed in 1988 that included no acres ofland. The first new building, the Twin Lakes Medical office building, was constructed in 1994 on the site of trucking terminals, construction storage areas and the old Mack Hotel. Since 1994, Ryan Construction has built four office/flex buildings totaling more than 320,000 SF of space. Contamination clean-up in this area totaled more than $4 million and includes the establishment of a tax increment district, a subdistrict and a Metropolitan Council Tax Base Revitalization Grant. Over 900 jobs are now located in these high tech/flex buildings. The redevelopment ofthe remaining parcels in the Twin Lake Business Park is a high priority for the City over the next 10-15 years with a majority of the redevelopment occurring in 5 years due to the planned construction of Twin Lakes Parkway scheduled to begin in 2001. It is estimated that a total of 2.3 million SF of office, high-tech/flex and retail space could be constructed, generating $90 million in value and 8,500 jobs. 3. 35W Gateway The 35W Gateway area includes 53.7 acres of which 35 acres has recently been redeveloped in partnership with Opus Properties. The current estimated market value equals $11.8 million. Redevelopment of this area includes the addition of 180,000 SF as part of Phase II and III of the Opus development. In addition, it is projected that over the next 10 years redevelopment will occur to create 360,000 SF of industriallflex space similar to the Opus buildings with an estimated value of $15 million, generating 370 net new jobs. 4. Industrial Tanks Area The industrial tanks area encompasses the majority of parcels west of interstate 35Wand currently includes light and heavy industrial businesses such as large warehouse users, tank farms and trucking companies. The area is comprised of 493.2 acres, generating an estimated market value of $84 million. The redevelopment concept for the area over the next 20-30 years continues to envision the area as a mix of light industrial, warehouse and office users with a business park atmosphere. It is projected that by the year 2020, as some of the parcels are redeveloped, there could be approximately 3.6 million SF of new 5