Laserfiche WebLink
• <br />Memo <br />Date: 10/18/2006 <br />To: City Council <br />Cc: <br />From: Sean Sullivan, Economic Development Coordinator <br />RE: Knoll Properties /Storm Water Pond <br />In 2003 the City of Ramsey sold Outlot A, AEC Energy Park to Knoll Properties as <br />part of an option agreement. That parcel had the storm pond for Anderson - Dahlen <br />(Knoll Properties) and over time the City incorporated it into is city-wide storm water <br />management plan. The owners of that property are now looking to develop this site <br />and the location of that pond is not conducive to maximizing development on that <br />site and creating more tax base and jobs for the city. The parcel is located in TIF <br />District No. 6 which will be decertified this year and the budget for that district allows <br />for the construction of site improvements. The work done to the pond will increase <br />storm water capacity and alleviate a storm drainage problem on an adjacent site <br />owned by Vision -Ease. The cost to reconfigure this pond will be approximately <br />$45,000 and the City has negotiated a 65 %/35% split in cost for the reconfigured <br />pond; with the city paying 65 %. Council action is not necessary to expend the TIF <br />funds on this project but entering into an agreement to split cost with a private <br />developer is. The TIF Funds must be spent prior to the years end or they will be <br />sent back to Anoka County for redistribution. The easement over the new pond will <br />be given by Knoll Properties at no cost to the City. The land will also be re- platted <br />by Knoll Properties at their cost when the development°occurs. Staff is looking for <br />permission to prepare these documents (Temporary Construction Easement, and <br />65 %/35% payment agreement) and to have Council authorize Staff to execute them <br />on the consent agenda at the October 24 Council meeting. <br />SMS <br />Attachments <br />10/18/2006 1 <br />C -5 <br />