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<br />REQUEST FOR HRA ACTION <br />DATE: 07/20/04 <br />ITEM NO: 8.c. <br />Staff Approval: Agenda Section: <br />CBAction <br />Consider of Adoption of a Resolution determining that a certain parcel is <br />Item Description: <br />occupied by a structurally substandard building and is to be included in <br />a tax increment financing district (HF 0020) <br />1.0Background <br />1.1 On June 18, the HRA took the necessary action to begin the acquisition of the property <br />at 2012 Eldridge by use of eminent domain. That process has begun with the filing of a <br />Petition in Condemnation and Motion of Transfer of Title and Possession under MN Stat. <br />117.042 to the Ramsey County Court Administrator on June 29, 2004. <br />1.2To date, the structure at 2012 Eldridge has not been removed. <br />1.3The reuse of the site has not been discussed in detail. However, there is a real cost <br />associated with the acquisition, removal and subsequent reuse of the site. It is inevitable <br />that improvement to the site will result in an increase in market value and taxes. This <br />increase can be captured and used to reimburse the HRA for its cost associated with the <br />removal of blight and productive reuse within the city through the establishment of a tax <br />increment (TIF) district. <br />1.4The HRA attorneys from Krass Monroe are recommending that a resolution be adopted <br />by both the HRA and City Council which would provide the necessary action needed to <br />preserve the status of the property as being occupied by a structurally substandard <br />building which is needed for qualification as a future tax increment financing district. <br />1.5As referenced in the attached memo, this action does not in any way obligate the HRA or <br />City into establishing a TIF district for this site. However, it preserves the status of the <br />property at 2012 Eldridge in case the HRA would like to request that a TIF district be <br />established in order to reimburse the HRA fund for costs incurred on this site renovation. <br />No analysis has been done yet to evaluate what revenues may be associated with the site <br />redevelopment. <br /> 2012 Eldridge TIF action 07/20/04 - Page 1 of 2 <br /> <br />