Agenda - Council - 02/08/1994 - Laserfiche WebLink

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Mr. Ryan Schroeder January 28, t994 Page 2 generate $83,842 in annual tax reserves with the cul-de-sac and $61,644 annualty if the street goes through, for a difference of $22,198. The other factor which wilt be impacted adversely will be lot absorption or buildout time. We believe that lot absorption rates south of 137th Avenue currently experienced in Phase One can be maintained in Phase Two with the cul-de-sac. If the street goes through, lot absorption will decline to those in Phase One north of 137th Avenue. We believe that the lots atong 137th Avenue will be absorbed in four years with the cul-de-sac and will take eight years if the street goes through. The total tax yield from 1994-2003, given the home value and lot absorption rates, is $939,200 with the cul.de-sac and $588,000 with a through street, tora difference of $351,200 less tax revenue with a through street in the first 10 years. It should also be noted that the land abutting the north boundary of the Rivenwick single-family lots is zoned for commercial development. We have attempted to mitigate adverse impacts by constructing an eight foot berm which has been extensively p[anted with evergreen trees. We have worked closely with Mr. Mark Boos to create a wildlife corridor or pathway to tie into the wildtife plan for the Mississippi West Regional Park to the immediate west. If the street goes through, the berm will have to be removed, thus greatly diminishing its va, lue as a pathway for wildlife. We respectfully request that the Ramsay City Council approve our revised final plat as submitted for the reasons noted above, If you have any questions, please feel free to contact met any time (475-9005). Respectfuliy submitted.~_.... Richard Bloom Project Manager Rivenwicl< Corporation RB:kar Enclosure(s)