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� <br />DATE: <br />TO: <br />FROM: <br />SUBJECT: <br />M E M O R A N D U M <br />March 24, 1988 <br />Jim Andre <br />Craig A. Waldron <br />Cleanup and Redevelopment of Target site on corner of <br />Selling and B <br />Pursuant to Vern Johnson's request that the staff review the <br />potential options in terms of redeveloping the corner of the <br />Target site which includes Perkins, Sinclair, an office and a <br />car wash, I scheduled a meeting between Target representatives <br />and the Petersons, who currently have the option on the Sinclair <br />site, during one of Howard's office hours. <br />This site has been analyzed in the past by a number of different <br />developers, however, the cost of the office and the car wash made <br />redevelopment pro�ects generally prohibitive. Now that Target is <br />proposing a major remodeling, adequate tax increment may be <br />available to facilitate a redevelopment of the corn�r. The <br />asking prices are currently $360,000.00 for the office and 1.2 <br />million for the car wash. The Peterson's optioned the Sinclair <br />site for approximately $250,000. The total site is approximately <br />51,095 sq. ft. Both parties appear to be interested in <br />addressing the p�roblems on this corner, and thus the Petersons <br />will develop a rough plan to be analyzed at a subsequ�nt meeting. <br />The issues that need to be considered are as follows. <br />l. How much <br />result in <br />increment? <br />of Target'� new investment will actually <br />new �kaxes paid, and thus available tax <br />2. Will enough increment be available to facilitate a <br />"workable deal" on the corner of the site? <br />3. The city will <br />tax increment <br />permit. <br />only have a 90 day window �o develop a <br />district, once Target pulls its building <br />4. Will the city council support a tax increment district <br />program on this site? <br />