Correspondence 1988 Waldron - Laserfiche WebLink

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L_J � � DATE: TO: FROM: SUBJECT: M E M O R A N D U M March 29, 1988 Jim Andre, Charli Craig A. Waldron Analysis of Redevelopment Tax Area 11, Ed Burreil crement Pol icy, Twf n Lal�es The proposed policy would creat� additional pressure on ti�o availability of tax incrQment in thc� Twin I�akes area. �or example, the previous analysis of availab�a increment approximated $3,308,252 that wou�d bQ av�ilabl� �ach year. I� one ass�amed that �n acro�s th� board 10� dc�df�a�ian wou�d �ce�sult in a lass oP 10$ de�r�lopm�nt pot�ntial, the cit� is lookinc� at a los� of $330, 825 �nnuall�r. You will recell that total expons�s in th@ ar�� approximat� $2� million in R-O-W and improv�m��t casts undar the worst ca�e sc�narfo. A mor� reasonabl� assumption woulci a��ume Plexib�li�y in ��ms o� densit� ta ma�C� up fo� the 10� d�dication, and thus �r 5� �os� woulc� be de�med r�asansbl�. �"his wc►uld smount to an �n�ua� reduction xn th� an�icf��d in�rement a� $165,�12.00 an�ually. A�o�ther co�st th�t �omas �n �o ��y in th�� ra�pQct r+�la�as to t�re �act that a gand c�ev�io�a�� w,il� ��s� on �hQ cos�t of A dadicat�or� in t��ms� of h:�s/har total land cost�, For Q�ampl�, a�. e�c�� parc�l at 29C�, 20� �c�. �t. w�th � S5. QD pu��chase� prico pQr eq. ftm �ould cos�t $1,Q�el,0�p�00. To writ� tlo�n thc land to $3.00 p�r �q. ;�t. , which +�au�d �e� ir� �he nnora ra��anab�e, do�bla range � wauld cost the Cf tx $592, 41f�. 00. When �h� 1+�'� Se� ��d� �� included, th� d��r�l�pc�r �impl,y �e��es 2�, 620 sq, gt. wh�ch a� $�.�0 a�q, t't� r+�sult� in Sl��,i00.o4. fihere�or@, in ord�� to ma}c@ th� d��►1 wark�blc�, thQ d�vQlopc�r cculd pot�ntial�y ��qu��t �►��i�tanc� rar�ging f�om $5�2,4�G.a0 t4 $7�O,�1S.00. This hard �Pnumb�rs�� an�Jiy�sig hm� �a b@ con�id@r�d ag�inst th� �o�itive �nv►ironmc�nt�l ��cta�� end ingluenc�� that wovld �cc�� �s a� result of thia 10� d�dic�tiar►. �'he d�di��►tian would �arovfde the city an opportu�nity to �nhan�c� ap�n e�a�e ,in th� r�d�vel4pmer�t ar�a�, thus increasing th� number oF trail�, water f�atur�s, �tc. abovo �nd b��rand arh8t would na�nnally b� av�i2ablc�. ThQ Twin T.akes Ar�� offers the opport�n3,ty ta re�- cr�ata� a�leu�lopm�nt �hrough th�e ext�nsive sitQ am�nit�i�s that get�erally enh�nGas the quality of . lif�. Thus, � ��j��nc�fi.t �nalysis is difficult ta perfo�m in this r��pect.