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� <br />� <br />� <br />llATE� <br />M��O7�AN DUM <br />March 24, 1988 <br />T�' �im Andre <br />FROM: Craig A. Waldron <br />�U�E�= Cleanup and Redevelopment of Tar e <br />Selling and B g t site on corner of <br />Pursuant to Vern Johnson's <br />potential o,�tions in re�est that the staff review the <br />Target site which includ ss Perk ns ev�lo�inc� th� corner of the <br />car wash, I scheduled a � Sinclalr, an office and a <br />and the Petersc,ns meeting between Target representatives <br />site, during one of Howa d'se of ic ave �he optlon on the Sinclair <br />e hours. <br />This site �has been analyzed in the past b a <br />devElopers, however, the cost of the office annu�e� �� dlffer�nt <br />redevelopment projects d the car wash made <br />proposing a major re odelinlly prohibitive. N'ow that Target is <br />available to facilitate a redevelopm nt of increment ma� be <br />asking prices are currentl the carn�r. �,�e <br />million for the car wash, y��60,000.00 for the off.ice and 1 2 <br />site for a � Th� petersan's optioned the Sinclaix <br />51,095 Sqpprf��mately $250,000. The total site is a <br />addressin the �oth parties appe�r to be Ppraximately <br />will develop a ou h ems on this corner, and thus the rPeted i� <br />The issues that need toabetconsiderlyzed at a subse rsons <br />ed are as Follow�ent meeting. <br />1. <br />s. <br />How much of Target�s new investm�nt will <br />result in new tax�s paid, and thus availabC�ually <br />increment? le tax <br />2• ",workableugh l�cr�ment be available �o <br />deal on the corner of the sitea facilita�e a <br />3. �"he city wi].1 only have a 90 da W <br />tax in��ement district, once ��r �t �ndnw to develop a <br />permit, g pulls its bua.lda.ng <br />�. Will the city counci.l support a tax increm <br />program on this si.tea ��� dist�ict <br />