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. . LARKI~, HOFr::'14\~' D.\.LY & LIXDGREX, LTD, Mr. Craig Waldron November 26, 1985 Page 4 Garrett Truc~ing Company currently occupies the southern one-quarter of the property. The balance of the Property consists of eXisting residential ~ses or vacant land. EXISTING AND PROPOSED LAND USES IN THE VICINITY OF THE PROPERTY As des<...ibed throughout this letter-memorandum, the Property is the gateway to the City (rom the north. ~ttractive redevelopment of the Property therefore has the potential to set the tone for econO~IC development throughout the entire northwest quadrant of the City. Ail described throughout this letter-memorandum, Int~r5tate 35W forms the w~stern border of the Property. BUSiness and industrial uses are located across Interstate 35W to the west. Business uses are also located to the extrem~ north of the Property. Low and medium density residential uses are located acrO~3 ClevelJnd Avenue to the east. Further to the south and east of Clevel~.ld .\venue are a number of eXlstlng lndustrlal uses includlnQ Ps~erts, Dotso American, Midwest Mot~r Express, Greutch, Indio~h~dd Trucklna, Inc., and Mueller Transportation. An existing pond on land owned by the Minnesota Depattmant of Tra~sportatlon borders the Property on the extreme south. A second pondlng area ~s located ease of the Property across Cleveland Avenue. RELATIONSHIP TO 1980 RQSEVILLE COMPREHENSIVE PLAN AND 1982 ROS~VILLE REDEVELOPMENT ~~D TAX INCREMENT FINANCING PLAN The 1980 Rosevllle Comprehenslve Plan Ithe Comprehensive Plan) designates the Property a mixture of industrial, medlum denslty reSidential (up to 10 dwelling units per net acre), and low denslty reSidential (up to four dwelllng unlts per net acre) uses. The ?~pllcant has requested an am~ndment of the Comprehens.ve Plan to provine for business deSignation on the entlre Property to allow fot construction of the Centre Pointe Develo~ment. The Property 15 also located wlthln a redevelopment a~~a generally bounded by the Clty limits on the west and nor~h, Snelllng Avenue on the east, and Trurk Hlghway 36 and Highway 280 on the south and southwest. The entire redevelopment alea has baen established as a Development District under the authorlty of the Mun1c1pal Development Dlstrlcts Act, Mlnn. Stat. S 472A(Oll. Conslstent With the purposes of 1982 Rosevllle Redevelopm~nt and rax Increment FinanCing Plan (the R~development Plan), the Property 15 proposed eo be Included In a separate tax lncrement dlst~tct pUrsuant to Lhe Mlnnesota Tax lncrement F1nanclng Act. The Clty Councll, at lts Decembel 16, 1985, meet1ng, wlll conslder the appl1cant's compan1on tax lncrement flnanclng request toget~et ~lth lts pen~lng appllcatlon for amendment of the Cc~prehen5lve P~an, 9-4 rezoning, and approval of a PUD speclal use petmlt.