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* • <br />* *. <br />D. <br />City of Long Lake Economic Development Authority <br />Consistently using eminent domain to assemble sites <br />Provide significant land cost write down again and again over time <br />to the new Hwy 12 at Willow (which was not identified as <br />essential in our interviews with present businesses in the District) <br />B. New Industrial Users <br />V^at would these new Industrial users look like? They will occupy a 4 to 5 acre <br />sniper yield wouMbrsi^'Isto <br />tox"eTannualll® ’°°'°°° ® S’^O.OOO <br />C. New Retail Users <br />to addition to the attractiveness of the District to retail uses like the new <br />development proposals have been formally and Informally discussed the <br />First a large. 70.000 sf. grocery with or without side stores. This type of <br />aST4^0 per^LI demand a 4 to 5 acre site be delivered to the developer for <br />Second, a true retail center of 40 to 50 acres. The center would have an <br />assessed value of $100.00 per sf. providing a tax yield of $4.00 per sf. A 400.000 <br />sf center would generate $1.6 million In taxes annually. The site would have to <br />be delivered to the developer for $4.00 per sf. <br />Ability of the City to Financially Intervene to Support Development <br />The most significant tool available to the City to fund Itsdirect intervention in the <br />oi «industrial or retail users is tax Increment financing. This tool <br />allots the City to use the increment between the baseline of the present taxes <br />pain in an area and the potential future taxes paid by a different development in <br />me same area to assist the realization of that new development.