HRA RES 1990-04 - 000138441
RESOLUTION NO. HRA 4- 1990
RE30LUTION DIRECTING THE FRIDLEY HOUSING AND
REDEVELOPMENT AUTHORITY STAFF AND CHAIRPERSON
TO APPROVE A DEVELOPMENT AGREEMENT IN
SUBSTANTIALLY THE SAME FORM AS PRE3ENTED
WHEREAS, Northco is proposing the purchase and development of the
2.4 acre site between University Avenue frontage road immediately
south oi 73rd Avenue for an 18,400 square foot, one block, one
story, commercial and office building; and
WHEREAS, Northco estimates that the total cost of construction of
the project will be approximately $850,000; and
WHEREAS, the site has wet soil that will have to be removed and
backfilled for an estimated cost of $70,000; and in addition, the
site will have to be elevated a minimum of two feet for proper
drainage at an estimated cost of $25,000; and the contractor
estimates that with normal soil conditions, site preparation costs
would be in the neighborhood of $6,000; and
� WHEREAS, at the December 14, 1989, meeting the Housing and
Redevelopment Authority recommended that the City Council set up
a short-term economic development district for the purpose of
assisting this project with a soil correction grant; and
WHEREAS, at the February 26, 1990, meeting the City Council set up
a short-term economic development TIF district for the purpose of
assisting this project with a soil correction grant; and this grant
is to be in the form of a pay-as-you-go revenue note for an amount
not to exceed the $70,000 required for the soil correction work;
and preliminary estimates indicate that this would be approximately
the first three years of taxes; therefore, this TIF district could
be retired in three or four years of increment at the discretion
of the City Council; and
WHEREAS, a draft Development Agreement has been prepared and is
currently being reviewed by Northco;
NOW, THEREFORE, BE IT RESOLVED, that the Fridley Housing and
Redevelopment Authority authorizes the staff and Chairperson to
approve the Development Agreement in substantially the same form
as presented.
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Page 2- Resolution HRA 4- 1990
PASSED AND ADOPTED BY
AUTHORITY OF THE CITY OF
ATTEST:
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/, '� , ; , ii
�r L: "J CK" ROBERTSON
ECUTIVE DIRECTOR
THE FRIDLEY HOUSING AND REDEVELOPMENT
FRIDLEY THIS 8TH DAY OF MARCH, 1990.
/ ��-`�y�.v`�/
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LAWRENCE R. COMMERS, CHAIRPERSON