Agenda - Council - 07/26/1994 - Laserfiche WebLink

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In accordance with Staff's direction, the applicant has applied for a permit from the Lower Rum River Water Management Organization (LRRWMO) for the development. The LRRWMO permit is necessary as the facility discharges directly into the storm sewer which empties into the Mississippi River. The Anoka Ramsey Sports Center was a tax increment development in 1988 with an estimated payback of City development expenses of t0 years, apparently. In actuality, this return on investment was accelerated. This current expansion project proposes additional tax increment financing participation. Proposed is assistance in the amount of $1.00/square foot of new construction upon project completion and each of the subsequent four years toward site improvements in the form of a loan granted to the City from the developer (1994 down payment of $8,000 plus $32,000 over 4 years at 7% interest with annual payments of $9,447). This second phase of the project has a 12.29 year payback (assuming no inflationary increase). The project as a whole (both phases) results in estimated annual revenues of $30,120 with total expenses of under $146,000 including the roadway alignment (roughly a 7 to 8 year return on investment averaged for the two phases). Recommendation: The Planning Commission and City Staff recommend site plan approval contingent upon receipt of the necessary permit from the LRRWMO and City Attorney approval of the development permit. Council Action: Morion to: Approve/deny the proposed site plan for Anoka Ramsey Sports Center contingent upon the applicant entering into a Development Permit agreement with the City and receipt of any necessary perm/ts from the LRRWMO. Review Checklist: CC: City Administrator City Engineer 7/26/94