07-13-1992 Council Packet - Laserfiche WebLink

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v.ti trr r -'i'’ r* *' ; '■• l- ■v ’ ' i^'ai'-' It. il 7" rV- O'Vs ■ Wf' ■Mr.- ' ‘ ■ uT''' f. ■:.-'t '¥ 'A- Ip ' >' ti- - ■■ O,: -"V ^ ' 'pi'.o, '7.,: . ^ /:■;■ . . >7'-'- -.o- ; tp ■'pp' 0'%;0's K ■^0. ?' O' Si To thf City Council and Citizens of the City of Orono lunt 1. 1992 Economic C ondition and Oiti,(k»k Tbi CHy of Orono wai incorporated effective January 1, 1955 The City is located on the northern shore of Lake M^nnctoidta about IS miles west of Minneapolis Of the City's 24 5 square miles of area, 50% Ii open water or marshland (with a total of 15.1 square miles of land area). Of Lake Minnetonka. 40% of the shordinc and 33% of the lake area is in Orono. TTif City of Orono is a third ring suburb in the seven-county metropt)litan Twin Cities area of MinnMp(rfte/St. Paul and is located on Lake Minnetonka, the tenth largest lake in Minnesota Orono devdopad primarily because of this aesthetic amenity, which is the most heavily used recreational lake in Stale. This heavy use is a result of the quality of its aesthetic appeal, together with its proximity to the metropolitan urban core The City is primarily a residential community with a mixture of se\ eral types of housing together with a small ooounercial district. The City totally surrounds two communities, which are part of the original totsmhip, and substantially surrounds a third community As indicated above, Orono cooperies with tbise chies for the most cost effective provision of Cit) services Orom) is home to many of the mctropolilan area's top executives who appreciate the community’s natural amenities H is anticipated that the positive appeal ot the community, together with the extent of available land, will see the community experiencing continued deveKipment for the next ten years The City is in a strong financial position Because of its strong residential tax base. Orono aiminued in 199! ID have a tax capacity rate that Is the lowest in the County foi communities over 1.000 in population despite the fact that the City ceased receiving k>cal government aids from the State in 1990. The City was allowed to raise the equivalent amount in propeny taxes to offset the loss of aid The Sirenfth of the City's financial condition is reflected in its bond rating of Aal since 1919 The Minnesota Department of Transportation continued the corridor selection process for Highway 12. the three major corridor alternatives each are located in a different pan of C^no. the uncertaimy opneensing the final corritfor selection has significantly reduced the pace of new development in the City. The City is working to expedite the corridiir selection process Once a corridor is selected, it is iWtiripMart that it would take a minimum ot seven to ten years to go through the necessary review, dmifn. and comttruction processes The drougN hm mded with the lake levels increasing beyond normal levels Orono continued to take M active nde during 1991 in working to amend the proposed 25-year aimprehensivc plan for the Lake kftmekmka Consnrvaiion District (LMCD) Because Orono has 40% of the lakeshorc on Lake Mhmemnke. Iha plan could have a decided inqiaci on that portion of the community The City ncemidiilly eidist^ the supps>n of eight of the fourteen member communities in this effort to refocus im LMCD on its original miuRin of prsuecting the lake as important natural and recreaikmal rewntree. New housing otmaovetion declined significantly with only 12 new dwellings being constructed This wm due partly lo die wonomy and partly to the uncenaimy amcermng the selection of the Hi^way 12 eofrldCM'. The new htMising construction iiutlook is much impr**v*d f *r 1992. with 10 permits oTMayll. 1992 2 I I I I I I I I I I I I I I I I I I Utniwi