Agenda - Council - 03/08/1988 - Laserfiche WebLink

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TO WHOM IT MAY CONCERN: I am planning to build and live in a (32) unit apartment building on .Lot 1 Block 1, Oxbow addition, just south of the Food & Fuel site at the intersection of hwy 47 and Industry Blvd. The complex is planned to be an adult apartment building catering to the needs of the adult population in the City of Ramsy. However, the complex is not directed at a particular age group. Upon investigation of the site I have found that several restrictions that have to be adhered to as outlined by the Department of Natural Resources (Rum River Regulations) as well as Minnesota Department of Transportation make the site extremely expensive. Therefore, to complete this $1,400,000.00 project in the City of Ramsey it is necessary to request Tax Increment Financing to offset the unusual cost associated with the site. I am requesting a 12½% of the cost of the project or a $175,000.00 tax increment insertion to allow the project to succeed. The breakdown of thesse costs are,'as follows: Site preparation, grading, clearing, importing of soils soil conservation, seeding, reforestation, & stabiliza- tion of River Banks Storm drainage, ponding, etc. Landscaping Security fencing, holding ponds Security !i~hting Grading parking area Class 5 Stabilization Curb & Gutter High~ay modifications Property dictate writedowns, reduction of deneity by D.N.R. units to 32 units) Total $ 36,500. 9,300. 12,500. 27,000. 13,300. 2,100. 2,200. 1,800. 3,375. 16,000. 50,925. $ 175,000.