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<br />. ." <br /> <br />REQUEST FOR CITY COUNCIL ACTION <br />DATE: 12/06/99 <br />ITEM NO: <br />Manager Approved: Agenda Section: <br />Reports <br />Redevelopment: Sunrise Assisted Living (James Addition) <br />PF3159 <br /> <br /> <br />1.0 BACKGROUND: <br /> <br />1.1 At the November 22, 1999 Council meeting, City staff and representatives from <br />Sunrise Senior Housing and the Schoening Group presented a redevelopment <br />concept and terms sheet for the four (4) acres north of Oakcrest and east of <br />Snelling Avenue referred to as the James Addition site. The Council requested <br />further work on the financial package and possible loans, and directed the <br />Manager and City Attorney to prepare a development agreement. What is <br />attached is some of the progress that has been made since that meeting, <br /> <br />1.2 The site currently includes the Knights of Columbus 12,700 s,t. facility which is <br />leased by several Bingo operators and the 18,000 s.f, Kings Court racquetball <br />facility which is currently vacant, but which will be renovated as a gym and <br />weight lifting club by Dan Stock. <br /> <br />1.3 The proposal now includes the demolition of the Knights of Columbus building <br />with construction of approximately 70-units of assisted housing, 19,000 s.f. floor <br />plate and three stories in height and renovation of the racquetball/gym building. <br />(see proposed site layout). The City desires to provide additional parking for <br />Rosebrook Park and has developed a plan to provide a new access road to the <br />sites with some shared parking. This proposal is consistent with the James <br />Addition Task Force recommendations. (A letter requesting comment has been <br />sent to the residents in the area.) <br /> <br />1.4 Based upon over $ 9 million in new value created by the development of the <br />Sunrise Senior facility, $135,000 in net, new property taxes would be created. <br />The CityOs portion of those new taxes is approximately $20,000 annually. <br /> <br />2.0 PROJECT SOURCES/USES SUMMARY <br /> <br />2,1 Attached is a summary of the sources and uses of funds based upon what the <br />developers can pay for the land and what the existing owners are requesting. <br /> <br />2.2 There is an estimated $250,000 financial gap that includes demolition soil <br />correction costs, building renovation, new storm water ponding, and a new <br />shared access road. <br /> <br />3.0 <br /> <br />REDEVELOPMENT ASSISTANCE SUMMARY <br />~(trW! '7 <br />3,1 To fill the gap staff has review d in lud~e Developer's private contracts, and <br />public infrastructure long-term, I interest assessments funds. <br /> <br />RCA PF3159 Sunrise 120699 Page 1 of2 <br />