Laserfiche WebLink
MEMORANDUM <br />DATE: August 2 <br />1988 <br />TO: Jim Andre <br />J <br />FROM: Craig A. Waldron and Ed Burrell C <br />SUBJECT: Options relating to Concordia site <br />Based on a request from councilman Matson <br />alternatives relatingto to analyze various <br />Potential scenarios, Concordia, we have reviewed two <br />land, One entails the city purchasing all of t <br />developing the surrounding he <br />maintaining the ten acres and gthe bui es for housin <br />Purposes. This scenario utilized t ldin a and <br />g for recreation review. he following categories for <br />1• Single family - 72 units at a sale <br />unit would result in increment of figure of $120,000-per <br />I could subsequently $2001000 per year. The <br />$860,000 for redevelopment Sehis acreage at $.58,060 to <br />Purposes <br />. <br />2. Duplex - 144 units at a sale fi u <br />would result in increment of g re of $90,000 per unit <br />could reasonably sell the$la d per year. The city, <br />$1,000,000 - $1,300,000, nto a developer for <br />3• Quads - 207 units at a sale figure result in increment of $38g of $75,000 per unit would <br />8,125 per year. the city could <br />sell the land for approximately $1,120,000 - $1,450,000. <br />In effect, this proposal would entail the following steps. <br />1• The city buys the whole site. <br />2• The city places a tax increment distric <br />t on the site. <br />3• The city re -markets the 18 acres Of <br />development while keeping 10 acres for recreation for a housing <br />purposes. <br />4• The city uses tax increment as a <br />partial <br />offset the general tax debt serviceburdenlrela stream to <br />Purchase of the total site. relating to the <br />