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MEMORANDUM DATE: 6 May 19B7 TO: Plan-*,ng Commission and Council RE: Development of New Office Park District Over the past few weeks, as requested by the City Council, Craig Waldron and Howard Dahlgren have met jointly with all of the land owners involved in the properties under consideration for our first office park area generally west of 35W from Trunk Highway 36 to County Road C. Our purpose was to discuss the potential mutual benefits to the owners and the City to promote and achieve maximum reasonable development potential in terms of quality and intensity for these properties. We suggested that conditions are such that if we work together, our chances of achieving a high land valued Office Park District are very good based on the achievements thus far, and results achieved in other parts of the Metropolitan Area. Since the new zoning district was established (B-4) and the Tax Increment District inaugurated to achieve some of the municipal development goals, considerable success has evolved for the City and the affected free enterprise community. These successes include: 1. Completion and/ or starting of a number of significant free enterprise developments enhancing the tax increment capabilities (Pavilion Place, Loehmann's Plaza, Corporate Center, et al). 2. Completion of a successful financing program to construct the bridge, approaches, and major storm sewer projects by the City. 3. Anticipated completion of the br0ge and extended roadways by August 1987. 4. Near completion of Rosedale Corporate Pijza at the northwest corner of County Road C and Long Lake Road. 5. Submission and approval of Rosewood's five building, 500,000 square foot office project at the northwest quadrant of Trunk Highway 36 and 35W (Rosewood Corporate Center).