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0 is <br />ROSEWOOD PROPERTIES, INC. <br />PAGE 2 <br />Road and Terminal Road. This provides a new east -west and <br />north -south link from this intersection to provide access to this <br />development and other properties to the west and north. This <br />will also allow for the vacation of the old service road, adding <br />that property to the tax rolls and as a part of this development. <br />The total investment will exceed 70 million dollars. The tax <br />increment program and development agreement has been worked <br />out with Craig Waldron and is a crucial element in the overall <br />evolution and success of the Tax Increment District. <br />3. The developers are a local corporation and have accomplished significant <br />development projects in the Metropolitan Area, which they plan to <br />review with you at the Planning Commission hearing. They have <br />employed a team of advisors who have met regularly with City staff <br />and have jointly evolved the building concept and the engineering <br />infrastructure for the project. <br />4. Your engineering staff is in basic agreement with the development <br />proposal, subject to some engineering details relating to some possible <br />conflicts where drainage ponds and storm sewers will impact on existing <br />utilities. In some cases there will be public easements for utilities <br />needed and the vacation of other easements and abandonment of <br />existing utility lines and easements. Existing wells will have to be kept <br />as well. These engineering details can be subject to final engineering <br />approval as detailed plans evolve in collaboration with the phasing of <br />construction. <br />5. The land is already zoned B-4, and the proposed development conforms <br />with the requirements of that district except for the variance requested <br />on the parking ratio. With respect to the variance, as noted in <br />previous discussions with the Planning Commission and Council, we find <br />that in the development of major office structures of this scale, a ratio <br />of 4 parking spaces per 1,000 rather than the normally 5 spaces per <br />1,000 required in the ordinance is appropriate. Major developments with <br />which we have been working in St. Louis Park in the southwest <br />quadrant of Highway 12 and Highway 100 are being expanded with a <br />ratio of 3.5 spaces per 1,000. That is the ratio being provided for the <br />new eleven story Travelers Insurance Building being construe'-ed directly <br />south of the Ambassador hotel in St. Louis Park. Thus, we suggest <br />that the ratio proposed of 4 spaces per 1,000 is appropriate for this <br />development. <br />6. Because the development is being done in stages, if in fact the ratio is <br />found to be inadequate, adjustments car. be made in the building scale <br />and/or parking facility. Thus, we regard the proposal to develop at the <br />ratio requested as being an appropriate one. <br />7. A preliminary plat has been submitted which designates right-of-wa to <br />be dedicated to provide an east -west movement y <br />end o <br />the property) and a north -south movement bisecting tthe ndeve! pmentf <br />There may have to be some adjustment with this proposal, depending on <br />the acquisition of half of the right-of-way for the east -west portion of <br />the roadway from the property contiguous to the north. This site is <br />owned by Glacier Park Realty, a division of Burlington Northern holding <br />company and is a projected site for a "Class A" hotel and office <br />