HomeMy WebLinkAbout4.a. Rosemount Professional Building: Discussion of Development Agreement R
CITY OF ROSEMOiTNT
EXECUTIVE SUb�7ARY FOR ACTION
PORT AUTHORITY MEETING DATE: OCTOBER 4, 1994
AGENDA ITEbl: ROSEMOUNT PROFESSIONAL BUILDING AGENDA SECTION:
OLD BUSINESS
PREPARED BY: JOHN MILLER, AGENDA NO.
ECONOMIC DEVELOPMENT COORDINATOR 4. A.
ATTACI�2ENTS: NONE APPROVED BY:
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Work has continued on the development agreement with Dr. Kurt Walter-
Hansen. At the time of this draft - - Friday, September 30 - - a completed
agreement is not available. In the time since the last port authority
meeting several minor issues, e.g. starting of construction date, have been
resolved but three major issues remain. These are:
• Is the land at zero value for tax increment finance purposes .
This is at the discretion of the county auditor.
• Expiration date of the district. The county has stated that the
expiration date is actually 2003 and not the previously believed
2000 . The applicant is asking that his TIF revenues reflect this
time.
• Present value of the increment stream. The applicant wishes to
maximize his TIF revenue and he has not been able to produce a
budget utilizing the available money. With present value
calculations, Dr. Kurt Walter-Hansen' s revenues can be increased.
This work has not been completed - - Dr. Walter-Hansen submitted
his first budget on September 29 .
I believe that if Dr. Walter-Hansen is able to resolve some of the tax
increment issues that are his responsibility, a completed agreement can be
presented to the commissioners at the October 18 meeting.
RECONIl�IENDED ACTION: None. Discussion item only.
PORT AIITHORITY ACTION: