Laserfiche WebLink
v <br />• <br />CONCORDIA ACADIN <br />M HOUSING PROPOSAL . <br />r a <br />PAGE TWO <br />t <br />The plan as currently structured calls for the purchase of Concordia Academy <br />Roseville for $2, 600, 000. The value of the school as <br />+by the City of :4,��: `- <br />r�;,�•, / ;.,determined by the Ramsey County Assessor on January 1, 1987 was $2,447,000, <br />G t va <br />,,,, as expressed by the 1988 Ramsey County Property Tax Statement. Assuming a 37 <br />Inflation factor, the current market value for the school equals the purchase <br />price of. $2,600 000. ;.This value is for the building and the parcel of Iand� �)J <br />it is on, which represents approximately 1/4 the total amount of property <br />•,.)' J ' 'ti be utilized by the city 1 rJ 1 �j i� � - ,'�dr S •Y i7 f �' a F t74 �'3� l�J 1�f>< .,"i: SI" <br />}� •]�ji1. 7ry.t.1 a ;n)fg+;}1u'u'����'td�S}(��y{3�fiYMti, Sri �.,, !'V <br />i .,�M�j.F'}11i,`�. :.,tl d'�Ltitr)�`� - �'.`�.��`4M;f,`�:�•{ `*rv.'''"'9, ,� I'��1; ,. a,:: i.� .�—. ..a.h.t f n 1•., � f i C{•'.• ,,:. •' t �i•.,. ) aiL.. <br />parcel can be considered <br />,E' .,�.�The future park property outside the school building pa N , <br />—. , +1ai..ti'tlkrigr <br />contributed to the City by Brutger Companies at no char,e <br />y 't r �1' �1; .. � li i r•,J �� 7 �t Fl �t ir"' ,,l�� �, N�'Yr <br />,•�.af r 'ji"��f �I,tf:iwk.: '.1 ,i. 9 )•`,• 1 ., j. ..•{�H oM,�,Hy 6`•`i L..,, ,,1 r •rl .. . . 1'• .� ' Jt � t• }. .. '�`�ir' J� rS.���a Ir...r ���'4 <br />•1 �• C 1 • 1'•i � ..... '.`ry .l;ti VI.'{ 1 1, •'.-1 .f •4.1 ''' 1' •. ..i. • �•'. - .r - • • 7�,. •, .•t <br />Brutger; rF,a <br />• ,• ,�,, This 28 acre parcel . is being set up ' as ' tax increment district. s <br />" '*.'.Companies is purchasing the entire parcel for 53,650,000. The City in turn <br />w r Vill purchase the school building for $2,600,000. The price Brutger tt�, <br />4p'•�,'�':;,.Companies is paying for the housing property as well as the price the City is <br />~paying for theschool are fair market values. The City will sell bonds to <br />improvements and capitalized J� "; '• cover the cost of acquisition, interest. The p <br />ed, will produce approximately 707 of the <br />housing development, once complet <br />annual debt service required to retire the bonds. The tax increment district f <br />is being established to allow the City to purchase and remodel Concordia <br />nWK`,S ,t;' ; Academy for use as a Community Center, while limiting the burden on the <br />taxpayer by having the housing development pay the major portion of the _• <br />annual bond costs. _ f <br />A point of emphasis on the structure of this development is that the tax <br />increment district is not being used to write down the cost of the housing <br />property to a value which is less than a fair market value price for housing <br />land. The tax increment d/V <br />will be used to support the purchase an <br />-rehabilitation of the school to be used as a community center. ; <br />In addition to the J.f contribution of parkland to the City, Brutger Companies y <br />proposes to construct and dedicate to the Cit two tennis courts located to <br />the west of the community center. We will work with the Parks & Recreation _ <br />Department to determine their exact location. <br />Brutger Companies believes this development not only adds quality housing <br />stock to the City of Roseville, but is sensitive to the concerns of the <br />adjacent properties, provides for a compatible land use with adjacent <br />--- properties, provides sufficient buffering and screening to existing <br />properties, lessens the impact highway 36 presently has on the area and <br />assists in providing Roseville residents with a community center, tennis <br />courts and additional parkland t-hieh,:ill benefit the City for years to come. <br />