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lennepin Hennepin County Memo <br /> DATE: May 8, 2001 <br /> TO: Board of Commissioners <br /> FROM: Richard P. Johnson, Deputy County Administrator 12)12).1 <br /> SUBJECT: Proposed Orono Senior Housing TIF District No. 1-1 <br /> Hearing Scheduled: Monday, May 14, 2001, at 7:30 p.m., Orono City Hall. <br /> Proposal: Orono has proposed creation of its first tax increment financing district to facilitate construction of <br /> 62 units of rental senior housing for persons of low and moderate income at the north west corner of <br /> Wayzata Boulevard and Brown Road. <br /> Fiscal Impact: This one-parcel TIF District will have a duration of 25 years of tax increment from receipt of <br /> the first tax increment,which is projected to occur in 2003. The district will have a life of 25 years from <br /> receipt of the first tax increment. The project,with an estimated $125,000,000 to $150,000,000 of total <br /> project costs, has secured funding from the Metropolitan Council of$1,200,000 in a Livable Communities <br /> Demonstration Account to assist in parking costs/public spaces. <br /> Sources of Public Funds: Uses of Public Funds: <br /> Tax Increment $2,030,000 Land/Bldg Acquisition $775,000 <br /> Inter-Fund Loans/Transfers 1,393,000 Site Improvements 100,000 <br /> Total Sources of Funds $3,423,000 Public Utilities 77,000 <br /> Streets/Sidewalks 562,000 <br /> Other Public Improvements 31,000 <br /> Interest on PAYG Note 1,159,000 <br /> Administrative Costs 70,000 <br /> Inter-fund Loans/Transfers 649,000 <br /> Total Project Costs $3,423,000 <br /> HENNEPIN COUNTY ROAD COSTS (Comments submitted by Jim Grube, Hennepin County Transportation <br /> Department): "In staff's opinion the traffic generated by this development can be carried by the inplace <br /> facilities and that no additional roadway improvements would be required:°-:.-,.,- The proposed right-in-Tight= ---4-;fc-=" _ <br /> out access to TH-12 from the site (west of Brown Road)would not meet County Access Spacing Guidelines. <br /> One option might be to reconfigure this access to orientate it to the existing median opening at Shaughnessy <br /> Avenue. If the access is reoriented,there would be issues of significant grades and the access would need <br /> to be coordinated with the adjacent property to the west. A second option might be to orientate all site <br /> access to the rear of the property,where there appears to be a future street/utility access between Brown <br /> Road and Willow Drive. Transportation Planning staff will be talking with Long Lake, Orono and Mn/DOT <br /> regarding the development of an access plan for this segment of TH-12 that could establish the pattern of <br /> local access and address traffic control. <br /> SUMMARY: Despite projecting a maximum allowable duration of 26 years of tax increment generation, it <br /> otherwise appears that the proposed Orono Housing TIF District No. 1-1 satisfies the preference of the <br /> Hennepin County Board of Commissioners for use of tax increment financing, as identified in Resolution 92- <br /> 10-017R1, adopted 10/27/92, because it targets public assistance to low to moderate income senior rental <br /> housing. A copy of this report will be sent to the City of Orono with a request that it be entered into the public <br /> record of the May 14, 2001, public hearing, to reflect the County's position on this proposal. <br /> (w:RevuOrono115142001 J) <br />