City of Hopkins - Capital Plan Economic Develpment
v' .
ECONOMIC DEVELOPMENT
CAPITAL PLAN
City of Hopkins, MN
2002 thru 2006
Contact ED Director
Department Development
Project #
Ol-CIP-D401
Redevelopment, East Excelsior Boulevard
Type Improvement
Useful Life
Project Name
Category Economic Development
Priority nla
Description I
North side of Excelsior Boulevard from Monroe Avenue to approximately Tyler Avenue.
Redevelopment of older commercial area. Based on the existing zoning, it would involve both commercial and industrial
uses.
I Justification
Excelsior Boulevard is being upgraded in this area, which will provide for additional property on the north side of the
roadway. The buildings in this area are older and no longer the highest and best use for this property. The funding
amount is an estimate and will vary depending on the scope of the project.
Expenditures
Construction/Maintenance
2002
2003
2,000,000
2,000,000
2004
2005
2006
Total
2,000,000
2,000,000
Total
Funding Sources
TF - Tax Increment Financing
2002
2003
2,000,000
2,000,000
2004
2005
2006
Total
2,000,000
2,000,000
Total
CAPITAL PLAN 2002 thru 2006
City of Hopkins, MN
Project # 0 l-CIP- D402
Project Name North Annex Redevelopment Project
Contact ED Director
Department Development
Type Improvement
Useful Life
Category Economic Development
Priority nla
Description I
Northeast quadrant of Highway 169 and Excelsior Boulevard.
Redevelopment ofSuperValu North Annex property. The project would involve construction of approximately 525,000
sq ft office building. The TIF would be used for land writedown, demolition, parking improvements, and off- and on-site
improvements.
I Justification
The existing facility was fonnerly owned by Red Owl. It was constructed in the mid-1950's and is no longer the highest
and best use for this property.
Expenditures
Construction/Maintenance
2002
16,000,000
16,000,000
2003
2004
2005
2006
Total
16,000,000
16,000,000
Total
Funding Sources
TF - Tax Increment Financing
Total
2002
16,000,000
16,000,000
2003
2004
2005
2006
Total
16,000,000
16,000,000
J
CAPITAL PLAN
City of Hopkins, MN
Project # Ol-CIP-D403
Project Name East CDD Project
2002 thru 2006
Contact ED Director
Department Development
Type Improvement
Useful Life
Category Economic Development
Priority n/a
Description 1
Mainstreet between 7th and 8th Avenues south of Mainstreet. Redevelopment of a commercial block fronting on Mainstreet. Tax increment dollars would be used for
acquisition and demolition.
Justification
-I
The city has concentrated the majority of its redevelopment efforts in the last several years at 11 th Avenue and Mainstreet. An interest has been expressed by the City
Council to undertake a redevelopment project to anchor the easterly portion of the CBD.
Prior
! 900,000 I
Total
Expenditures
Construction/Maintenance
2002
850,000
850,000
2003
2004
2005
2006
Total
850,000
850,000
Total
Prior
900,000 I
Total
Funding Sources
ED - Economic Development Fu
Total
2002
850,000
850,000
2003
2004
2005
2006
Total
850,000
850,000
I Operational Impact/Other
Project date is tentative. This project will require execution ofa development agreement.
Identified as part of the Visioning Process undertaken in 2000.