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CASE NUMBER: 1480-83 Page 4 APPLICANT: American Redevelopers, Inc, pond on approximately an acre of land staff City to construct a storm water engineering contiguous to the property at its northwest corner. The finds that the plan with respect to this concept, has reviewed the site p ro osed drainage solution. plan is workable and consistent with tasldiscussed with the developers is Here again, the appropriate procedurepublic improvement project, for them to petition the City foWlilstorm donetto determine the precise er after which a feasibility study solution and costs. In any event, the concept is to provide for a required onding facilities off the site as an ingredient of the Tax Increment interim p Development Plan already in place. TAX INCREMENT IMPLICATIONS 13. Included with the information submitted by the developers, is an estimate the Ramsey County Assessor's office of a pssedct value v luationfwould5be,000. from the as - if this is an Assessor's Market Valuer approximately $4,410,000. The valuation estimated for this site in the a pp ax nt Tax Increment Program was $21973,814. Thus, hstatemeactual nttindicatesewill be substantially larger than estimated. Their is increment (difference between the old taxes and ewtaxes) benefit of thelmore to be $352,422 per year. This illustrates the incipal structure and that of intensive three level development of the P from a Tax Increment Plan stand - the two level parking ramp proposed. Thus, point, the proposed development constitutes fimprovement1Progr� City toward the accomplishment othe poif its Tax Increment NEIGHBORHOOD IMPLICATIONS a- The developers have met with the neighbors in two separate dates as 14. ovember and 1 December. Of lts recommended by the staff, on 29 Nion packetuattached these meetings are included in the developer 100 feet of the property is to this report. As you know, the easterly and the northerly 40 feet retained for landscape and screening purposes, also retained for that function. The Shopping Center District requires is a and contiguous that there be a 40 foot buffer strip between the parking the generalized residential properties. Sections have been drawn a d°fencing proposed. grade differential, and impact of the screening The final surface solution, however, may be dependent to some degree on the ultimate drainage details. Thus, it may be appropriate for the Planning Commission and Council to consider final approval of the landscaping and screening plans subjvement ect to staff review and neighborhood dinvolsppear following completion of the drainage feionroflthety srequired screening that the purpose, intent, facilities can be accomplished within the plan asproposed.