Agenda - Council - 01/27/1987 - Laserfiche WebLink

Home

I~AIN$ ~ CAS~ {14 January 23, 1987 TO.' Mayor and City Co%u~cil FROM: Dave ~a~tley, Ci~, A~njr~istrator RE: Altron Retention Propose3 On January 23~ staff met v:ith A1 Phillips and Don Hubmer to discuss their concerns regarding the possible expansion of Altron, Inc. in Ramsey. Mr. Phillips repeated his concerns regarding the retained value in his property due to the proximity of the landfill and the quality of adjacent development. Ideally, Mr o Phillips woul6 3.ike a guarantee that the landfill will not expand or that his property will not 3ose value if the landfill does expand. Staff reviewed with Fk-~ Phi]lips and Mr. Hubmer the possibility of using tax incr~nent financing to partJci[~te in site improvements for the expansion. We also reviewed the various programs available through the Minnesota Department of Energy and f~oncmic Deve] o~'ent for long term, low interest loans. It was suggested that the City obtain an appraisal and comparative market analysis of Mr.. Phil:[ips' pro~rt~y. This report would address the following issues: - the impact of the la~dfill on the valuation of Altron, Inc. compared to other' similar industrial sites - the ]mpact of surrounding develofxnent on the valuation of Altron, Inc. compared to other sJm~ilar industrial sites - the jmt~3ct of utilit]es on the valuation of Altron, Inc. Mr. Philli~ps noted that he t,m~ received three offers from the state of South Dakota to ~;e his operatio;~s there; Mr. Phillips would like a firm proposal from the City }~ March 1987~ For your review and actio3, attached is a draft resolution authorizing amendments to ~zhe City's t~: incr~nent financing documents to allo~ the City to participate in site improw~ments necessary for Altron's expansion. As you know, modi ~fying theses doc~.~ents is a lengthy process and the process may be stopped at ~ny time if the ~,mendments are not necessary. Council ;~,~ion: Motion to~ Authorize the City Administrator to hire a property appraiser experienced in industrial properti~s and if possible, landfills, to complete a fee aI~praisal and comparatJve market analysis on the Altron, Inc. property. Motion to ~ Adopt Resolution 87~.__ authorizing the modification of Tax Increment Financing District. #2 4~nd Develol~nent District #1, ~nnending the financing plan for 'CIF District $=2~ and calling a public hearing to consider these modif i¢~tions.