HomeMy WebLinkAbout7.c. Request from Carlson Properties for Tax Increment Financing for infrastructure purposes CITY OF ROSEMOUNT
EXECUTIVE SUbIlKARY FOR ACTION
PORT AUTHORITY MEETING DATE: APRIL 5, 1994
AGENDA ITEM: REQUEST FROM CARLSON PROPERTIES AGENDA SECTION:
FOR ASSISTANCE IN COMPLETING ROADWAY IMPROV. NEW BUSINESS
PREPARED BY: JOHN MILLER, AGENDA NO.
ECONOMIC DEVELOPMENT COORDINATOR 7 . C.
ATTACHMENTS: MEMO FROM CITY ENGINEER APPROVED BY:
Carlson Properties is continuing its retail development activities south of
County Road 42 . At a meeting with Rosemount city staff people on March 30,
the Carlsons indicated they wanted to start actual construction as soon as
possible.
With the Carlson development, GTI Theater, and the Vermillion Bank all
locating in the same area, several road and street improvements will be
required. Locations include access points at Chippendale, Canada, and
County Road 42 . The city council will address this issue at its April 5th
meeting and (I suspect) ask the county to participate in these
improvements.
The council may also direct its staff people to develop information
regarding the possible use of "local effort tax increment financing" to
cover some of the costs as several properties and businesses will benefit
from the road improvements . My guess is any LETIF would require an
agreement between the city council and the developer without the port
authority being directly involved. In addition, the amount pledged to
completing the street and road improvements would likely not be the city' s
full share of the Carlson property tax payment.
As this is an information item, comments or insights are appreciated.
RECONIl�2ENDED ACTION: None. Information item only.
PORT AUTHORITY ACTION:
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TO: Mayor E.B. McMenomy
Council Members : Anderson
Busho
Statts
Wippermann
FROM: Bud Osmundson, City Engineer
DATE: April 1, 1994 V
SUBJ: Rosemount Village Square_ Access
Carlson Properties Inc. as the Developers of the proposed Rosemount
Village Square have requested the City to request the County to
participate in the payment of construction of the right turn and
left turn lanes immediately into the proposed shopping center. As
you may remember at the last Council meeting, Council authorized
Staff to send a letter to the Dakota County Highway Department
requesting that the County add the two right turn lanes at
Chippendale and Canada Avenues off of CSAH 42 to the 1994 Dakota
County Capital Improvements program. Furthermore, we raised the
issued that since the City does not have funding designated for the
City' s share of such improvements, that the cost would have to be
borne by the Developer for the shopping center site. The normal
County/City cost sharing split is that the County would be
responsible for 55% and the City would pay 450. The 45o share is
City cost and what I was referring to as that the Carlsons would
have to be responsible for. At this time, the Carlsons are
requesting that the additional right turn lane and left turn lane
in directly to the site also come under this County/City
cooperative effort and cost split .
County staff at the Dakota County Plat Commission had informed the
Carlsons that the Dakota County Highway Department had never paid
for improvements on private entrances before. However, the
Carlsons would respectfully request that the City would support
this request to the Dakota County Highway Department .
The Carlson Properties has indicated to City Staff that they are
requesting some kind of local effort financing for such
improvements and John Miller' s memo addresses these issues .
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