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<br />CONCORDIA ACADIN
<br />M HOUSING PROPOSAL .
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<br />PAGE TWO
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<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.
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