HomeMy WebLinkAbout4.b. Update on CMC Heartland Partners Request for Port Authority Assistance in Developing Property CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: NOVEMBER 3, 1993
AGENDA ITEM: UPDATE ON CMC AEARTLAND PARTNERS AGENDA SECTTON:
REQUEST FOR PORT AUTHORITY ASSIST. IN REDEVEL. OLD BUSINESS
PREPARED BY: JOHN MILLER, AGENDA � k � _�� �
ECONOMIC DEVELOPMENT COORDINATOR
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ATTACffi+RENTS: NONE AP RO BY:
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I have visited with Wayne Delfino, of CMC Heartland Partners, and his
Rosemount legal counsel, Reid Hansen. Delfino and Hansen stated their
concerns about initiation of CMC' s residential development in Rosemount.
My suggestion to them was that in light of their concern about speed, CMC
may want to do the following:
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�; 1:� Assume responsibility for negotiations with the Soo Line for purchase
� and rernoval af the spur track and the quonset hut at T.H. 3 and
C.R. 42 .
2 . Provide the city and port authorit� with stormwater runoff data as
;�5�� soan as possible so that the issue of drainage to the business park
can be resolved.
J� 3 Accept pay-as-you-go tax increment financing. This method would
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reduce cost to the port autho�ity in s llin� bonds and a so end all
risk in repaying the bonds. ��,� � C,{�,'�� � �. L
�(4� Assume responsibiiity for any environmental clean-up. Mr. Delfino
d1 assured me the property is clean so this should be no hardship to CMC.
(� Provide to the port authority documentation for the requested dollar
�<� amount of TIF assistance.
6 . Proceed working with the city of Rosemount (separate from the port
autharity) in completion of the subdivision process. That work will
take longer thari completing a TIF agreement and can certainly be done
concurrently.
At Mr. Delfino' s request I have nade draft generic copies of a pay-as-you-
go and a bond sale TIF agreement available to CMC through Mr. Hansen. I
believe the relative size of the two documents wi11 illustrate the point of
simplicity vis-a-vis complexity in two financing methods.
RECON,mlENDED ACTION: None: Di,scussion item only.
PORT AUTHORITY ACTION: