Agenda - Council - 01/25/2000 - Laserfiche WebLink

Home

I I I I I I I '1 CASE REQUEST FOR AUTHORIZATION FOR EXECUTION OF A DEVELOPMENT AGREEMENT WITH RAMSEY B&B L.L.C. By: James E. Norman, City Administrator Background: The pr4oosed TIF development agreement !~s with Ramsey B&B L.L.C. for construction of a 42,000 ~'2uare foot facility to be located along Highway #10 on the site formerly known as The Lightlx ase Bar and Grille. The site plan review was considered on the previous agenda case. The fac;ibty will be a multi- tenant retail co .m.m~rcial space, whic_':~ will include the ~n~.~or tenant of B&B. B&B currently opc,~ates in downtown Anoka and eml:'oys 22 employees and anticipates an adC. it%hal eight new ¢~ployees when tN y operate in the H'~Ehway #10 location. Whi.lc "..e City's experie~e in business subsidy for Highwv. y 5:10 is somew?~::t limited, it has provi& ~ business assistance for the recent construction for a i~c.~el at the intersev¢i, on of Highway #10 a, '.~ Sunfish Lake Boulevard. Staff has ~.een negotiating w2h the develops' ~n~ interests for mo~hs a,d is in the prc~ezs of completing ~,egotiations pric..- to the special C~u~cil meeting of Decert. er 21, 1999. Iffi'~is project is appro,ed by the City Ce-mcil, staffbelie-,es that it will be a de~;i ~ ':e improvement ,q'¢m a blighted, -,ommercial conditi,n on the north sic~e of Highway #10. Thc C .... ~ty Assessor's o~,ce has placed ti~ new retail/corom~reial facility at $1,910,900. It is anticipa:' ~d that the projec. ',vill generate ap. roximately $78,300 in tax incremem eer year toward the T;i~: District, which ~¢m.dd be reimburse ~ back to the dev4opers as their inc:n,:ive to proceed with ti:is project. The project would require the creation 0-7 a new Tax Increment Financing Redevelopment District v,: ~.d the year of con~pietion is yet to [ e negotiated. The development agreement for this projcot is a 30-page document. The City has utilized a consistent and standard format except for the dollar amount specific to the project. Any changes in the language are passed through the City Attorney for his review. Given the above, staff has attached the pertinent pages of the agreement for Council review. As Council is aware, other sections deal with indemnity, construction documents prohibitions against assignments and transfer, and the agreements to pay deficiencies. The entire agreement is available at Council request. Council Action: Motion to authorize execution of a development agreement with Ramsey B&B L.L.C. contingent upon review by the City Attorney. Reviewed by: City Administrator City Attorney Finance Officer Economic Development Consultant CC: 01/25/00 ~RA-FS~?~L~users~Thie~ng~C~UNC~L&~C~TYC~UN~2~k~a~mar)4B&BLL~BusSubsidy.d~c 01/21/00