Agenda - Council - 07/22/1986 - Laserfiche WebLink

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51Z9 Juanita Avenue Edina, MN 554Z4 July l~, ~986 Anne Norris City of Ramsey 1515) Nowthen Blvd. Ramsey, MN 55303 Re, Rivers Bend Plaza Dear Ms. Norris, This letter is to follow up on our conversation last week regarding Rivers Bend Plaza. Rivers Bend Plaza, as planned, .will be a 2h,O00 square foot, open plaza style, neighborhood shopping center constructed of concrete block and brick. The front elevation will have a continuous covered walkway with a decorative awning. The parking lot area will be constructed of bituminous asphalt with concrete curbs. In addition, 'the Center will be heavily landscaped with sod, trees and shrubs. The total cost of the Center is estimated at $ 1,500',000. We estimate completion of phase 1 approximately January 1, 1987 and completion of phase 2 approximately July 1, 1988. Upon completion of the Center, we anticipate an additional 30-40 full time jobs will be created in the City of Ramsey. In addition to the Center, a self serve car wash is planned for the north end of the site. The car wash will have ~ix bays, The cost of the car wash is estimated at $160,000 and should be completed by July 1, 1987. As we discussed, we are m~king a formal request for Tax Increment Financing for the Project. Without.TIF, we are not in a position to continue with this project. The DNR has imposed an impervious surface coverage restriction on the site. This.restriction adversely affects the size of the Center and dramatically increases our construction ~osts. Secondly, we have not been able to obtain rental rates that will support the above restriction. Finally, we would like to build a Center that will complement the existing and future development of the City of Ramsey. TIF is crucial to the completion of the Project.