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CONCORDIA ACADDIY HOUSIN PAG9 TWO G PROPOSAL The plan as currently structured calls for the purchase of Concordia by the City of Roseville for $2,600,000. Academy determined by the Ramsey Cuunty Assessor on Ja uarya1,e1987 was 2c447 the 1 as as expressed by the 1988 Ramsey County Property Tax Statement. Assuming�a037. inflation factor, the current market value for the school equals the ur price of $2,600,000. This value is for the buil;'ng and the P chase it is on, which represents approximately 1/4 the total amount of cpropertyland %e utilized by the City. to The future park property outside the school building contributed to the City by Brutger Companies at no charrgeel can be considered This 28 acre parcel is being set up as a tax increment district. Brutger Companies is purchasing the entire parcel for $3,650,000. The City urn will purchase the school building for $2,600,000. B turn Companies is paying for the housingThe price Brutger Paying for the school are fair maket values.s well as the price the City is cover the cost of acquisition, improvements and Tcapitali capitalized he Citywilsell interestnds e housing development, once completed, will produce approximatelyThe annual debt service required to retire the bonds. ta increm 70� of the is being established to allow the Cityto The tax increment district Academy for use as a Community Centerwhile purchase d them burden odel o on Concordia taxpayer by having the housing development the annual bond costs. pay the major portion of the A point of emphasis on the structure of this development is that the tax increment district is not being used to write down the cost of the housing prupert; to a value which is less than a fair ma; housing land. T1_e tax increment will be used to s,tppket value price for housing th rehabilitation of the school to be used as a commun yo rt centere Purchase and In addition to the contribution of parkland to the City, Brutger Com a proposes to construct and dedicate to the Cit P nits courts located the west of the community center. We will work with: -. Parks & Recreation to .Department to determine their exact location. ion Brutger Companies believes this development not only adds quality housin stock to the City of Roseville, but is sensitive to the concerns of the adjacent properties, provides for a compatible land use with adjacent properties, provides sufficient buffering and screening to existing properties, lessens the impact highway 36 presently has on the area and assists in providing Roseville residents with a community center, tennis courts and additional parkland which will benefit the City for years to come.