Laserfiche WebLink
Case # 3 <br />NORTHSTAR MARKETPLACE ASSISTANCE PACKAGE <br />By: Sean M. Sullivan, Economic Development Coordinator <br />Background: <br />Retail development in the Ramsey Tdwn Center project has significantly slowed since the <br />original Coborn's development was put in. Recently, the City was made aware of a deal <br />attempting to bring a sit down restaurant into Northstar Market Place. Negotiations stalled due <br />to the cost associated with SAC and WAC charges associated with the restaurant use. The City <br />met with the land owner and the proposed restaurant to discuss the possibility of reducing the <br />impact of the SAC and WAC charges for the land owner to spur development of the site. <br />Attached are some estimates of SAC and WAC charges for this project and aproposal that would <br />significantly reduce the cost for Northstar Marketplace. The developer has reviewed this <br />proposal, discussed it with the proposed tenant, and is convinced that this arrangement could get <br />the deal done. Staff is recommending that the EDA support this assistance package in general <br />terms and to authorize city Staff to work with Northstar Marketplace to complete a Business <br />Subsidy Application to be submitted to this body for final approval at a later date. <br />Funding Source: EDA Budget <br />Staff Recommendation: <br />Authorize city Staff to work with Northstar Marketplace to complete a Business Subsidy <br />Application to be submitted to this body for final approval at a later date. <br />EDA Action: <br />Motion to authorize city Staff to work with Northstar Marketplace to complete a Business <br />Subsidy Application to be submitted to this body for final approval at a later date. <br />Attachment: <br />Proposed SAC and WAC Write -down 4/3/09 <br />EDA: 4.09.09 <br />21 <br />