City of Blaine Anoka County, Minnesota - File #: EDA RES 18-22

• File #: EDA RES 18-22
• Version: 1
• Name: Approving TIF Dev Agreement with Shadetree Construction for South Terrace Cove Project
• Type: EDA Resolution
• Status: Passed
• File created: 10/4/2018
• In control: EDA
• On agenda: 10/4/2018
• Final action: 10/4/2018
• Title: APPROVING TIF DEVELOPMENT AGREEMENT WITH SHADE TREE CONSTRUCTION FOR DEVELOPMENT OF SOUTH TERRACE COVE AT 102nd AND UNIVERSITY AVE.
• Sponsors: Erik Thorvig

Date	Ver.	Action By	Action	Result
10/4/2018	1	EDA	Adopted	Pass

ECONOMIC DEVELOPMENT AUTHORITY- Erik J. Thorvig, Economic Development Coordinator

Title

APPROVING TIF DEVELOPMENT AGREEMENT WITH SHADE TREE CONSTRUCTION FOR DEVELOPMENT OF SOUTH TERRACE COVE AT 102^nd AND UNIVERSITY AVE.

Background

As part of the TIF approval for the redevelopment of 102^nd and University Ave, the EDA and developer will enter into a development agreement to ensure various requirements by both the developer and EDA regarding payment of TIF, demolition and clearing of the site and project completion.  The following are general terms of the development agreement:

•                     The developer will demolish the existing buildings, garages and scrape the bituminous surface and prepare the site for development.  Once this occurs the EDA will provide an initial payment of the lesser of $215,000 or the actual amount of demolition.  The developer will be required to provide documentation of the actual costs.

•                     Upon project completion, which includes site improvements and obtaining a certificate of occupancy for the final unit, the EDA will provide the remaining TIF contribution, which is to not exceed a total of $850,000. 

The following is the general development schedule:

•                     Fall 2018 - Demolition of existing buildings and garages and scrape bituminous surface.

•                     Winter/Spring 2019 - Start of Unit Construction

•                     2020/2021 - Unit Completion

Recommendation

Approve the attached resolution authorizing execution of a development agreement with Shade Tree Construction. 

Body

WHEREAS, Shade Tree Construction, Inc. is proposing to redevelop the northeast corner of 102^nd and University Ave. by removing the existing office buildings, garages and bituminous and construction 43, for-sale townhome units called South Terrace Cove; and

WHEREAS, the City of Blaine and Blaine Economic Development Authority has established a redevelopment tax increment financing district to assist the developer in land acquisition and various site improvements; and

WHEREAS, the Blaine Economic Development Authority and Shade Tree Construction, Inc. propose to enter into a development agreement outlining various responsibilities related to the TIF payments and completion of the project by the developer.

                      NOW, THEREFORE, BE IT RESOLVED, that the Blaine Economic Development Authority hereby approves entering into a development agreement with Shade Tree Construction, Inc. for the redevelopment of 102^nd and University Ave. and hereby authorize the president and executive director to execute all documents related to the development agreement.

PASSED by the Blaine Economic Development Authority this 4^th day of October, 2018.