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HomeMy WebLinkAbout4.a.4. Future Business Park Options � t CITY OF ROSII�IOUNT EXECUTIVE SUNIl�fARY FOR ACTICIN PORT AUTHORITY MEETING DATE: MARCH 15, 1994 AGENDA ITIIK: FUTURE BUSINESS PARK OPTIONS AGENDA SECTION: OLD BUSINESS PREPARED BY: JOHN MILLER, AGENDA NO. ECONOMIC DEVELOPMENT COORDINATOR 4. A. 4 . ATTACHMENTS: "TENTATIVE AGENDA" FROM THE AP VED . FEB. 28, 1994 SPECIAL MEETING At the port authority special meeting held February 28, 1994, Chairperson Carroll distributed to the members a tentative agenda that listed several issues concerning the business park that were not yet resolved by the board. After approximately four hours of healthy discussion, many of the issues were resolved but some remained. Mr. Carroll is asking the members to reserve some time to continue this work at the March 15 meeting. Dave Simons, the consulting engineer, will be present to answer questions the members might have about infrastructure options. RECOI�Il+�tENDED ACTION: Discussion item. PORT AIITHORITY ACTION: � J TENTATIVE AGENDA SPECIAL MEETING, ROSEMOUNT PORT AUTHORITY MONDAY, FEBRUARY 21, 1994 at 6.30 p.m. I. Business Park Issues A. Pricing Strategy (Land Cost) -Consideration of City' s cost per acre or pe= sq. ft. -Should cost to purchasers be based upon developable laad or total acreage? -Should our sale price deal exclusively with land cost, or should the price also reflect infrastructure costs? -Under what eircumstances, if any, should we consider deviating from whatever pricing strategy we adopt? -What type of financing assistance, if any, should we . consider providin_g with respect to a prosepctive purchaser' s land costs? B. Inf=astructure Casts/Options/Procedures/Sehedule -Review of projections re: infrastructure costs (in total, and per acre or per sg. ft. ) -Do we want or need to consider reducing these casts? -If so, what ogtions exist for doing so, and what cost savings will result? -What "level" of infrastrucure quality, or what types of amenities, will be expected or desired by prospective purchasers? -In the interest of reducing initial overhead, do we have the option of providing some of the infrastructure now, with the rest to be provided when or as needed or desired? (Example: sidewalks?) � -Ponding/Wetland issues; should these areas be included when adjoining de�elopable land is sold, with the City or Port Authority retaining ponding easements? Or should the City or P.A. retain ownership of these areas? -To what extent are (or should� infrastructure decisions be related to overall marketing strategy? Do we want to focus on large lot developers (5 to 10 acres) , or the smaller developers (1 to 2 acres) who have shown some interest, or do we want to "take them as they come?" � Do large and small developezs have different needs o= expeetations with respect ta infrastructure "quality?" . r ., -What sources exist, or can be developed, to provide the funds needed for these improvements? Bonds? Tax increment funds? General revenue? Cantributions from Dakota County for CSAH 42 improvements? Assessments against nearby property owners? -What options exist for recovering these costs from the purchasers of business park lots? Assessments? Contractual allocations (i.e. , through purchase agreements or development contracts) ? -Can or should portions of the business park be treated differently with respect to the assessed or allocated infrastructure costs (i.e. , "Business Parkway lots" vs. "Biscayne Avenue lots")? -What type of financing assistance, if any, should we consider providing to help developers handle these costs, and what types of guarantees or security should we expect i:n exchange for any such assistance? -Can we now authorize `the preparation of plans and specifications for the first phase of construction, and what is the procedure for abtaining a temporary driveway � permit to allow grading p=ior to the completion af Business Parkway? C. Future Business Park Development -Do we want to pursue the acquisition of some of the land near the railroad tracks in order to improve our development options in the northwest corner of the park? -If so, what are we willing to pay for the land? How would we pay fo= the land? -Do we want to acquire an option on some of the land to the south? Is so, how much land? How much would we be willing to pay, and how would we finance any such payment(s) ? D. Northco Proposal for Consulting Services E. NSP Economic Development Assistance Program II. Discussion of Port Authority meeting schedule ' -Continue existing schedule? -Change day of ineetings from Tuesday to some other day? -Change time of ineeting? -Implement periodi.c weekend workshops? -Other options/suggestions? .