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2015_0323_CCpacket
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2015_0323_CCpacket
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Staff recommends that the City hire a strategic brownfield consultant to assist in developing a <br />73 <br />clear understanding of the brownfields situation and a strategic brownfields response plan. The <br />74 <br />type of work that the strategic brownfields consultant would perform exceeds what is typically <br />75 <br />accomplished with a testing only company and includes advising the City on risk management <br />76 <br />strategies, best management remediation practices, grant writing, and work plan. There has <br />77 <br />already been a lot of testing performed in the area, but it has not been brought together in a <br />78 <br />manner that provides a comprehensive, strategic understanding of the conditions. One way to <br />79 <br />get an impression of how many separate brownfields data points there are in the Twin Lakes area <br />80 <br />is to use the MPCA’s “What’s in my Neighborhood” tool which is located at <br />81 <br />http://www.pca.state.mn.us/index.php/data/wimn-whats-in-my-neighborhood/whats-in-my- <br />82 <br />neighborhood.html <br />83 <br />Currently, the City has substantial funds available that are limited for only brownfield <br />84 <br />remediation purposes, yet there are no significant brownfield cleanup activities underway or <br />85 <br />planned in Twin Lakes. In addition, regional, state and federal agencies have substantial cleanup <br />86 <br />funds available that could potentially be brought in as well but often have a significant lead time <br />87 <br />to deploy. All of these funds have not been able to be used as effectively as they probably could <br />88 <br />due to the lack of a brownfields strategic action plan. <br />89 <br />Having a more clear understanding of the brownfields situation also can assist in other aspects of <br />90 <br />the redevelopment process including making decisions about how much to pay for property, <br />91 <br />whether the City should be purchasing land or working through the private sector owners, <br />92 <br />enforcement actions, etc. <br />93 <br />Market Understanding <br />94 <br />Understanding market conditions assists in allowing cities to be more proactive in their <br />95 <br />redevelopment efforts by identifying market opportunities that can be exploited and market <br />96 <br />barriers that may need to be overcome with additional actions by the city. <br />97 <br />Currently, the City does not have any Twin Lakes specific market studies and it may be <br />98 <br />premature to order any at this time. However, since brownfield redevelopment is rarely an issue <br />99 <br />of pennies, there are relatively simple “rules of thumb” types of analysis that can still assist with <br />100 <br />decision making. <br />101 <br />For instance, it is often possible to estimate the market viability or subsidy necessary for various <br />102 <br />land uses simply by tracking known arm’s length transactions or contacting developers/brokers <br />103 <br />knowledgeable in the local market and industry sector. By comparing these known data points <br />104 <br />with a proxy of value such as the assessor’s perception of value, a City can get an order of <br />105 <br />magnitude understanding of potential subsidies needed to redevelop particular sites for various <br />106 <br />land uses. Of course, this is just a crude estimating tool suitable for planning purposes and any <br />107 <br />detailed decision making would need to involve more refined tools such as appraisals, <br />108 <br />contamination cleanup investigation, estimation of relocations costs, infrastructure needs, soils <br />109 <br />analysis and the underlying owner’s minimum profit needs in order to make detailed decisions. <br />110 <br />Some known arms length redevelopment purchase prices/developer interview values for various <br />111 <br />land uses in the areas ($/SF of land): <br />112 <br />Medium Density Residential/Townhomes $1.50 – 2.50 /SF <br />113 <br />High Density Residential $6.00 – 7.00 /SF <br />114 <br />Retail $10.00 – 20.00 /SF <br />115 <br />Headquarters/Office (CSI – New Brighton) $1.15 / SF (with additional State subsidy) <br />116 <br />Page 3 of 8 <br />
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