res_9105 - Laserfiche WebLink

Home

would have made the development economically unfeasible for the private developer had not the City completed the clean up. There is insufficient tax increment generated by the new development on the site to cover these costs. The remaining sites within the proposed district include three vacant parcels, one redevelopment site and one developed site which is anticipated to be redeveloped at a future date. Environmental review of the sites have uncovered soil contamination. The city and Ryan Construction, the site owner and private developer, are currently working with the Minnesota Pollution Control Agency to develop an appropriate development response action plan for the remediation of the site. Initial estimates are that the cost of clean up will be tween $1-4 million. Without assistance, the new development on the site would be economically unfeasible. The tax increment generated by the proposed new development would also be insufficient to cover the cost of clean up. Therefore, to insure that sites are properly cleaned up and to facilitate new development in accordance with City's goals and objectives within the area, the creation of a hazardous substance subdistrict is deemed necessary. section 4.03. The Council further finds that other parcels that are not designated as part of the hazardous substance sites are expected to be developed together with a designated hazardous substance site. The specific basis for such finding being: The site is part of the larger Twin Lakes Redevelopment area which would anticipate redevelopment of the area within a 10-15 year timeframe. Development is currently occurring on the site adjacent to the east side of the subdistrict. The private developer is currently in negotiation with the property owner to the west of the subdistrict to acquire the site for future development. section 4.04. The Council further finds that the subdistrict is not larger than, and the period of time during which increments are elected to be received is not longer that which is necessary to provide for the additional costs due to the designated hazardous substance site. The specific basis for such finding being: . The district boundaries have been set to coincide with the contaminated sites which have been identified to date and certain adjacent parcels, being developed with the contaminated sites. The subdistrict will be in place as long as necessary to recover the cost of cleanup as identified in the development response action plan. If the City is successful in its lawsuit to recover costs, the funds recovered form the previous property owner will be applied to the clean up and the subdistrict will be retired sooner. 268465.1 4