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<br />10 Minutes <br /> <br />C'M;E 113: <br /> <br />RBJUFSI' FOR SITE PLAN REVIDl AND CITY PARTICIPATION <br />(TAX INCREMENT FINANCIN3) IN PROPOSED PROJECI'; <br />CASE OF MR. JClIN WARD <br />By: Arme Norris, Camnunity Developnent Director <br /> <br />Background: <br /> <br />Mr. JOM Noard is proposing to relocate his existing business, Anoka Sports <br />Center, to Lot 1, Block 1, Riverside West, fran its existing location at 6304 <br />Highway #10 N.W. Mr. Noard is proposing to construct a 10,500 square foot <br />block retail building and a 4,000 square foot block storage building. Mr. <br />Noard is requesting that the City participate in this project by financing <br />approximately $70,000 of site improvements. <br /> <br />The proposed project is located in the B-1 Business District. The proposed use <br />is a per.mitteduse in this district. The proposed project is also located <br />within Develotment District No. 1. The City has established a tax increment <br />financing district which includes Mr. Noard's property. <br /> <br />Enclosed are the follCMing items for your information: <br /> <br />a) Site location map <br />b) Proposed site plan <br />c) Letter of application and attachments <br />d) Proposed develotment agreement <br /> <br />Cbservations: <br /> <br /> <br />The Economic Develotment Commission revieqed this request on March 30, 1988 and <br />recommended approval. The Planning and Zoning Commission will review this <br />request on April 12, 1988. Their recommendation will be available at the <br />meeting. <br /> <br />As you know, the City's policy regarding tax increment financing includes City <br />Council revieq of all tax increment financing requests with respect to the <br />follCMing: <br /> <br />a) Will the request benefit the City as a whole? <br />b) Will the request encourage other private developnent in the area? <br />c) Will the project not occur without municiF6l assistance? <br />d) IS the project legally and financially feasible? <br /> <br />The preliminary cash flow projections for the project show that there is <br />sufficient increment to participate in the project. <br /> <br />Recommendation: <br /> <br />Council Action: <br /> <br />Motion to: <br />Approve/deny the request by Mr. JOM Noard for City participation in the <br />proposed project and authorize the l>".ayor and City Administrator to execute <br />a preliminary developnent agreement for the proposed project. <br /> <br />-and- <br /> <br />8~ <br />