CR 91-59 Ryan Construction Prelim Tax Incrementd o February 25, 1991 CR Report 91:59
RYAN CONSTRUCTION PRELIMINARY TAX
INCREMENT APPLICATION
r
Proposed Action.
Staff recommends the following motion: "Move to approve the
preliminary TIF application from Ryan Construction subject to
conditions recommended by staff and authorize the Executive Director
and Chairman to execute the preliminary redevelopment agreement."
The adoption of this motion will permit staff to begin negotiating the
process to be followed on the grocery store redevelopment project.
Overview.
Over the past several years, Ryan Construction has been working with
Taits SuperValu and SuperValu stores to upgrade the existing facility
in Hopkins. Several sites had been identified for this project,
however, none of the sites met the criteria established by the City or
developer.
During 1990 the developer approached staff with discussions of the
proposed site between 6th & 8th Avenues. Staff indicated that the
site may have the necessary characteristics to make the project
feasible. In order for the proposed site to be utilized, an agreement
for the purchase of the LRT line had to be agreed to by the County.
The County finally has agreed in principal to the proposed LRT line
agreement. With the expectation that this agreement will be approved
in the near future, the developer has submitted a preliminary TIF
application.
Primary Issues to Consider
o What are the specifics of the project?
o Does the proposal follow the current TIF policy?
o What is the impact to the HRA /City as relates to the use of tax
increment for this project?
o What is the present status of the property owners and tenants?
o Does the project comply with existing designated land use?
o What are the specifics of the preliminary redevelopment agreement?
o What will happen to the current grocery store facility?
o What are the conditions necessary for approval?
Supporting Information
o Redevelopment agreement o Informational meeting handouts
o Letter from Ryan Construction dated 2/20/91
o TIF application o Site Plan
Bfian FrifsirUer
Economic Development Specialist
0 Analysis
Based on the above information, the HRA /City Council has the following
issues to consider:
o What are the specifics of the project?
The concept plan as provided to the City and detailed in the attached
letter from Ryan construction consists of the following:
o 38,460 s.f. mid - priced super market
o 10,800 s.f. secondary retail anchor
o 7,200 s.f. small shop retail space
The developer has met with the residents impacted by this project and
their comments can be reviewed later in the report.
o Does the proposal follow the current TIF policy?
Yes. In reviewing the application for tax increment assistance, staff
points to the following areas of the policy to justify this
assistance. TIF should be used to:
:redevelop blighted or under - utilized areas of the community.
:remove blight and encourage redevelopment in the
commercial /industrial areas of the city in order to encourage high
levels of property maintenance and private reinvestment in those
areas.
:increase the local business and industrial market potential of the
City of Hopkins.
:encourage additional unsubsidized private development in the area,
either directly, or through secondary "spin off" development.
:offset increased costs of redevelopment, over and above those
costs that a developer would incur in normal urban and suburban
development.
o What is the impact to the HRA /City as relates to the use of tax
increment for this project?
The staff is estimating a total project cost of approximately
$2,400,000 to the HRA which would include the following:
- Property Acquisition
- Tenant & property owner relocation
- Demolition
- Infrastructure improvements
These figures could be substantially higher if a condemnation or major
infrastructure improvements are found to be necessary. The developer
is expected to return to the City an amount equal approximately to the
fair market value of the cleared property.
The City has issued a bond in the amount of $1,100,000 for this
project. It is expected that the tax increment generated from the
completed project, combined with the land payment from the developer,
will be sufficient enough to pay for the City /HRA costs without the
City having to bond for additional money.
o What is the present status of the property owners and tenants?
Of the 21 properties needed to be acquired, the construction of this
project would consist of the acquisition of 9 occupied residential
units and 4 commercial properties. Staff has kept the owners of the
proposed sites informed by a series of letters during the past several
months.
On Tuesday, February 27 the developer and staff met with impacted
owners and residents within 350" of the proposed redevelopment.
Approximately 25 residents and business owners attended this meeting.
The most common comments received were as follows:
- What will the buffering to the north consist of?
- Concerned about lighting, noise and loitering.
- Why not consider another site, particularly R.L. Johnson's?
- This store should be competition for Taits, not Taits.
- What are plans for existing building?
- Why not acquire the full block?
- What happens if we don't want to move?
o Does the project comply with existing designated land use?
The existing zoning for this site is within two different
classifications. All of the area located to the south of the County
LRT line is zoned B -3 General Business. The area to the north of the
LRT line is generally zoned R -4 Medium High Density Residential.
The Comprehensive Plan guides this site for land use similar to what
is described above in the zoning ordinance.
In order to accommodate the proposed project both the Zoning Ordinance
and Comprehensive Plan would need to be revised to reflect a B -3
General Business development.
o What are the specifics of the preliminary redevelopment agreement?
The preliminary redevelopment agreement identifies a number of steps
which need to be completed in order to facilitate implementation of
this redevelopment project. These include the following:
1. Securing of appraisals - The redeveloper shall have responsibility
for obtaining appraisals for the property within this project area.
Within 60 days, the developer shall have obtained appraisals for these
parcels and the City shall have the opportunity to review the
appraisals for their acceptance.
o What will happen to the current grocery store facility?
The developer and the current tenant of the grocery store facility on
llth Avenue have indicated to staff that they anticipate no problems
in the future leasing of the structure.
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2. Securing of Options - The redeveloper shall have responsibility for
obtaining options for the property within this project area. Upon
receiving approval of the appraisals the developer shall have 60 days
to obtain options.
3. Environmental review - The redeveloper shall obtain by May 7 a
phase I assessment with respect to each parcel of property. A phase
II shall be completed on the Rudy Luther property.
4. Market Study - On or before May 7 a market study relative to the
feasibility of the project shall be completed.
5. Storm Sewer Study - On or before July 1 a storm sewer plan should
be provided to the City by the redeveloper.
6. County Property - The City shall make its best efforts to secure
this property from the County.
7. Preliminary Engineering and Traffic study - The redeveloper shall
provide these study's to the city in the near future.
o What are the conditions necessary for approval?
The conditions which staff see as necessary in order for the City /HRA
to approve the preliminary TIF application are the following:
1. The HRA approve the preliminary redevelopment agreement
2. The developer agrees that the HRA shall not be committed to approve
a final TIF application.
Alternatives
Based on the above information the City has the following alternatives
to consider:
1. Move to approve the preliminary TIF application subject to
conditions and authorize Executive Director and Chairman to execute
the preliminary redevelopment agreement.
2. Move to approve the preliminary TIF application subject to
conditions and direct staff to further develop the preliminary
redevelopment agreement.
3. Continue the item for further information from staff.
4. Deny the application and direct staff to take no further action on
this item.
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- Introduction - Jim Kerrigan Director of
Planning & Economic
Development, City of Hopkins
- Project Overview - Bill McHale, Ryan Construction
Company
- Acquisition /Relocation - Dan Wilson, Wilson Management
Process Services
- Timing - Jim Kerrigan
- General Comments
AGENDA
CBD GROCERY /RETAIL PROJECT
February 26, 1991 - 6:30 p.m.
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PROPERTIES EFFECTED BY THE
GROCERY STORE REDEVELOPMENT
21
19
15
22
18
21
17
13
11
22
18
14
10
6
723
717
715
709 -11
701 -05
621
611
ADDRESS
8TH AVE
8TH AVE
8TH AVE
7TH AVE
7TH AVE
7TH AVE
7TH AVE
7TH AVE
7TH AVE
6TH AVE
6TH AVE
6TH AVE
6TH AVE
6TH AVE
MAINSTREET
MAINSTREET
MAINSTREET
MAINSTREET
MAINSTREET
MAINSTREET
MAINSTREET
TYPE
VACANT
VACANT
VACANT
RESIDENTIAL
RESIDENTIAL
RESIDENTIAL
RESIDENTIAL
RESIDENTIAL
COM M ERCIAL
RESIDENTIAL
RESIDENTIAL
RESIDENTIAL
RESIDENTIAL
COMMERCIAL
VACANT
COMMERCIAL
COMMERCIAL
COMMERCIAL
COMMERCIAL
COMMERCIAL
COMMERCIAL
•
February 20, 1991
Mr. Jim Kerringan
Director of Planning
City of Hopkins
1010 First Street South
Hopkins, MN 55343
RE: DOWNTOWN REDEVELOPMENT
TAX INCREMENT FINANCING PRE - APPLICATION FORM
Dear Mr. Kerrigan:
YAN CO OF MINNESOTA, I INC. NY
Please find enclosed the City of Hopkins Pre - Application Tax Increment Financing (TIF)
Assistance form. The following points address the six requested information points in the pre -
application form.
1. Enclosed please find a site plan and a plat map outlining the boundaries of the
• proposed development.
2. The project will consist of 56,460 s.f. of state -of -the -art retail comprised of a
38,460 s.f. mid - priced supermarket, a 10,800 s.f. secondary anchor, and 7,200 s.f. of small
shop retail space. The proposed development would occur along Main Street between Sixth
Avenue South and Eighth Avenue South. The lot size would be approximately 5.21 acres, or
22£5,948 s.f.
The timing of the project is contingent on City approvals and the time required to
assemble and acquire the land, however we would anticipate having final approvals by late fall,
1991, with construction beginning either late fall, 1991, or early spring 1992. The construction
time is estimated between six and eight months. Additionally, we would want to coordinate the
timing of our project with the Main Street reconstruction project.
The projected vehicle counts and traffic flow detail are not available at this time.
However, the developer will be happy to coordinate a detailed traffic study at the City's request.
3. The site is currently zoned B3, General Business. The site falls under the
commercial designation within the City of Hopkins comprehensive plan. It is also designated
within the comprehensive plan as a redevelopment location. The planned grocery retail use for
the development is a permitted use under the 133 zoning.
4. The TIF will be utilized in writing down the land value to bring the land and site
cost in line with what a grocery anchored retail development can afford in today's market place.
V]D31Ltr.134n1
700 INTERNATIONAL CENTRE, 900 SECOND AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55402
TELEPHONE 612/339 -9847 FAX 612/337-5552
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WJM /ml
•
In that process, the increment will be utilized to acquire the property, buy existing leases if
required, demolish and remove existing structures, relocate existing tenancies if required, and
provide for traditional retail development site improvements including but not limited to curb
and gutter, parking, paving, landscaping, grading etc. Without the assistance of TIF, the
acquisition and cleaning of the targeted parcels, would be economically prohibitive in today's
marketplace.
5. The primary public benefit the citizens of Hopkins will gain from the
redevelopment is the retention of a quality grocer within the community. Given the high degree
of competition and innovation in today's grocery marketplace and the broader retail environment,
and given the age of the existing location of the grocer with its limitations on parking, the grocer
must become innovative and update his facility or suffer greater lost business to competition in
the future. The grocer estimated that the new facility will provide more than 50 % additional
jobs to the community as well as retaining the existing jobs. Additionally, the side shop space
will provide three to five jobs per 1000 s.f. The convenience and ease of shopping provided by
the state -of -the -art retail facility will greatly enhance the day -to -day shopping experience of the
citizens of Hopkins.
The new facilities to be located along Main Street will have positive architectural features
to enhance the greater downtown environment. The landscaping along the north and east sides
of the development and the brick wall trim fronting Main Street along the southern side of the
development will be very attractive. The structures will be built of masonary products including
smooth and rock face block.
6. Please find enclosed several brochures of recent retail developments provided by
Ryan Construction as well as a 50 -year history booklet outlining the history of Ryan
Construction.
Wo -look forward to working with the City staff toward the successful completion of this project.
We anticipate being at the neighborhood meeting of February 26, 1991, regarding this
redevelopment project. If you should have any questions in the meantime, please feel free to
call me and/or my assistant Vince Driessen at 339 -9847.
Sincerely,
RYAN CONSTRUCTION COMPANY
OF MINNESOTA, INC.
William J. McHale
Vice President of Retail Development
VJD31Ltr.131m1
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Legal name of applicant: Ryan Construction Company of Minnesota, Inc.
Address: 700 International Centre, 900 Second Avenue South, Mpls. MN 55402
Telephone number: (612) 336 -1204
Name of contact person: William J. McHale
REQUESTED INFORMATION
Addendum shall be attached hereto addressing in detail the
following:
SIGNATURE
CITY OF HOPKINS
PRE - APPLICATION
TAX INCREMENT FINANCING ASSISTANCE
1. A map showing the exact boundaries of proposed
development.
2. Give a general description of the project including: size
and location of building(s); business type or use;
traffic information including parking, projected vehicle
counts and traffic flow; timing of the project; estimated
market value following completion.
3. The existing Comprehensive Guide Plan Land Use
designation and zoning of the property. Include a
statement as to how the proposed development will conform
to the land use designation and how the property will be
zoned.
4 4. A statement identifying how the increment assistance will
be used and why it is necessary to undertake the project.
5. A statement identifying the public benefits of the
proposal including estimated increase in property
valuation, new jobs to be created and other community
assets.
6. A written perspective of the developers company of
corporation, principals, history and past projects.
Applicant's ignature:
) g
• Date: v i `q
William J�'McHale
U.P. Retail Development
Ryan Construction Company of Minnesota, Inc.
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•
•
•
Patrick J. Bradley
Robert J. Deike
February 22, 1991
Mr. Jim Kerrigan
City of Hopkins
1010 - 1st Street South
Hopkins, MN 55343
BRADLEY & DEIKE
Attorneys at Law
SUITE 306, 5100 EDEN AVENUE
EDINA, MINNESOTA 55436
(612) 927 -4333
Fax (612) 927 -7049
Re: Ryan Preliminary Development Contract
Dear Jim:
As you have requested, 1 have made the revisions to Section 1.4
and 2.3 of the Ryan Agreement. Let me know if you need any
additional changes made.
Sincerely,
R e---1.-6...x d 0_,...y.,
Robert J. Deike
RJD /dmt
Enclosure
Of Counsel:
Stephen A. Carr
•
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•
02/22/1991
PRELIMINARY DEVELOPMENT
CONTRACT
By and Between
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF
HOPKINS
This document was drafted by:
BRADLEY & DEIKE
5100 Eden Avenue, Suite 306
Edina, MN 55436
Telephone: 927 -4333
and
RYAN CONSTRUCTION
Dated: , 1991
•
•
•
CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT (the "Agreement") is made on or as of
the day of ,1991, by and between The Housing and
Redevelopment Authority in and for the City of Hopkins, a public
body corporate and politic (hereinafter referred to as the
"Authority"), established pursuant to Laws of Minnesota 1947,
Chapter 487, as amended, being Minnesota Statutes,
469.001- 469.047 (formerly Sections 462.411- 462.711) (hereinafter
referred to as the "Act "), and having its principal office at
1010 First Street South, Hopkins, Minnesota 55343, and Ryan
Construction, a Minnesota Corporation (hereinafter referred to
as the "Redeveloper "), having its principal office
at
WITNESSETH:
WHEREAS, the Authority was created pursuant to the Act and
was authorized to transact business and exercise its powers by a
resolution of the Common Council of the City of Hopkins (the
City of Hopkins is hereinafter referred to as the "City ")
adopted on September 9, 1965, pursuant to Section 469.003
(formerly Section 462.425) of the Act; and
WHEREAS, in furtherance of the objectives of the Act,
the Authority has undertaken a program for the clearance and
reconstruction or rehabilitation of blighted, deteriorated,
deteriorating, vacant, unused, under used or inappropriately
used, areas of the City, and in this connection is engaged in
carrying out two redevelopment projects (hereinafter
collectively referred to as the "Project ") in an area
(hereinafter referred to as the "Project Area ") located in the
City; and
WHEREAS, a major objective of the Authority and City in
creating the Project is to stimulate and revitalize the City
central business district commercial area into a strong,
community level, retail center by rehabilitation and
redevelopment of certain business property; and
WHEREAS, the Redeveloper has presented to the Authority
and the Authority's Board of Commissioners a preliminary
proposal for the development within the Project Area of a
grocery store and retail development, together with parking and
other related improvements (the "Minimum Improvements "): and
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WHEREAS, the Authority has reviewed the Redeveloper's
preliminary proposal, has determined that the proposal has merit
and desires to work with the Redeveloper to further refine the
proposal and to take certain preliminary action necessary to
implement the proposal if the Authority and Redeveloper agree to
proceed with the development; and
WHEREAS, the Authority and Redeveloper desire to enter
into this Agreement to set forth their rights and
responsibilities relative to such preliminary development
activities.
NOW, THEREFORE, in consideration of the premises and the
mutual obligations of the parties hereto, each of them does
hereby covenant and agree with the other as follows:
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Section 1.1. General.
ARTICLE I
Negotiation of Final Development Contract
It is the intent of the Authority and the Redeveloper that
this Agreement will be followed by and superceded by a formal
development contract (the "Contract ") to be negotiated during
the term of this Agreement. This Agreement is intended to form
the basis for the Parties' preliminary activities prior to the
execution of the Contract. The Contract will govern the rights
and responsibilities of the Authority and the Redeveloper with
respect to the implementation of the development of the Minimum
Improvements.
Section 1.2. Terms of Contract.
The Contract will contain all of the terms and conditions
governing the rights and responsibilities of the Redeveloper and
Authority with respect to the acquisition, construction and
operation of the Minimum Improvements. At a minimum, the
Contract will contain the following terms:
(a) The terms and conditions, including timing, upon which
the Authority may acquire and sell or lease to the Redeveloper
the property necessary to permit the construction and operation
of the Minimum Improvements.
(b) The terms and conditions concerning the scope and
timing of construction of the Minimum Improvements by the
Redeveloper and of any public improvements necessary to be
constructed in connection with such development.
(c) The nature and amount of any public financial
assistance which will be requested by the Redeveloper in order
to make the development of the Minimum Improvements financially
feasible.
(d) The nature and amount of any security which will be
required by the Authority to protect the Authority's financial
investment in the development before and after completion
thereof.
(e) Such other terms and conditions as the Redeveloper and
the Authority, in their sole discretion, feel is necessary to be
included in the Contract.
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Section 1.3. Conditions to Execution of Contract
Although the Redeveloper and Authority agree that the
negotiation of the Contract will be undertaken in good faith,
neither party hereto shall have any obligation to enter into the
Contract unless such party determines, in its sole discretion,
that the execution of the Contract is in its best interest and
that the development contemplated therein will be economically
feasible.
Section 1.4. Timing.
The Authority and Redeveloper agree that they will attempt
to negotiate the Contract so that the Contract may be executed
by October 1, 1991. In the event that, for any reason, the
Contract has not been executed by October 1, 1991, this
Agreement shall be null and void and, except as provided herein,
neither party shall have any obligations or liabilities
hereunder.
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ARTICLE II
Redeveloper's Responsibilities
Section 2.1. Securing of Options.
(a) The Redeveloper shall be responsible for obtaining
options under which the Redeveloper will be entitled to purchase
the parcels of property upon which the Minimum Improvements will
be constructed, other than the County -owned property described
in Section 3.1 of this Agreement. Prior to commencing to
negotiate and obtain such options, however, and no later than
sixty (60) days after the date of this Agreement, the
Redeveloper shall obtain appraisals of the fair market value of
each of the parcels which will need to be acquired. The cost of
obtaining such appraisals shall be the responsibility of the
Redeveloper; provided, however, that if this Agreement
terminates and a Contract has not been executed pursuant to
Article 1 of this Agreement the Authority agrees that it will
reimburse the Redeveloper for one half of the cost of obtaining
such appraisals. In any event, the appraisals shall be obtained
for the benefit of both the Redeveloper and the Authority and
the Authority shall be entitled to copies of all appraisals.
The appraisals shall be in such form and contain such detail as
will be sufficient under the Authority's acquisition policies to
justify the acquisition of the subject property. The appraisals
shall be prepared by the independent appraisers, approved by
both the Redeveloper and the Authority, and upon receipt by the
Redeveloper shall be submitted to the Authority for its review
and approval. Upon receipt of the appraisals, the Authority
shall have fourteen (14) days to review the same and to provide
the Redeveloper with written notice as to whether it accepts or
rejects the appraisals as appropriate for use. If the Authority
rejects the appraisals it shall inform the Redeveloper in
writing as to the reasons for the rejection.
(b) The appraisals referenced in subsection (a) above shall
form the basis for the negotiation of the options under which
the subject property may be purchased. In no event shall the
options provide for the payment of a purchase price to acquire -
any parcel which is in excess of the fair market value of such
parcel as determined pursuant to the appraisals. Within
fourteen (14) days after the Authority secures approval of the
agreement with Hennepin County referenced in Section 3.1 of this
Agreement or five (5) days after the Authority informs
Redeveloper of its acceptance of the appraisals, whichever is
later, the Redeveloper shall attempt to obtain options from the
owners of properties subject to the above - referenced appraisals
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and the Redeveloper shall obtain all such options within sixty
(60) days from commencement of efforts to obtain the options.
(c) The form of the options to be obtained by the
Redeveloper shall be submitted to the Authority prior to the
execution of the options for the Authority's review and
approval. The options shall provide for a six (6) month option
term with a right to extend for an additional six (6) months.
All options shall by their terms be assignable to the Authority.
(d) During the process of attempting to negotiate options
for the purchase of the subject property, the Redeveloper agrees
that it will coordinate such efforts with the Authority's
relocation consultant to insure that all owners of property to
be acquired as a part of the development are adequately informed
of their rights with respect to relocation benefits and
services.
Section 2.2. Environmental Review.
The Redeveloper shall obtain by May 7, 1991, a Phase I
environmental assessment with respect to each parcel of property
to be acquired with connection with the Redeveloper's
development and a Phase II environmental assessment for the
parcel owned by Rudy Luther Auto Dealership. Such environmental
assessment shall be undertaken by a qualified environmental
consultant acceptable to both the Redeveloper and the
Authority. The cost of such environmental assessment shall be
paid by the Redeveloper; provided, however, that if this
Agreement is terminated without the execution of the Contract
referenced in Article I of this Agreement, the Authority shall
reimburse the Redeveloper for one half of the costs of such
environmental assessments. All environmental assessments shall
be prepared for the benefit of both the Redeveloper and the
Authority and the Authority shall be entitled to copies of such
assessments.
Section 2.3. Development Fee.
At the time of Authority's approval of the Redeveloper's
final tax increment application, the Redeveloper shall pay to _
the Authority pursuant to the Authority's tax increment policy
the sum of $1,000.00 to offset the Authority's costs of
processing the Redeveloper's tax increment financing application
and of preparing the Contract referenced in Article I of this
Agreement.
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Section 2.4. Market Study.
On or before May 7, 1991, the Redeveloper shall cause to
have prepared by a qualified consultant a market study relative
to the financial feasibility of locating a grocery store within
the Redeveloper's development. The cost of such a market study
shall be born by the Redeveloper and a copy of the completed
study shall be furnished to the Authority for its use.
Section 2.5.
On or before July 1, 1991, the Redeveloper shall cause to
have prepared by a consultant acceptable to the Redeveloper and
the Authority a storm sewer plan showing the nature and location
of storm sewer improvements necessary to be installed in
connection with the Redeveloper's development. The storm sewer
plan shall be prepared in accordance with the requirements of
the City Engineering and Public Works department. The cost of
preparing the storm sewer plan shall be the responsibility of
the Redeveloper.
Section 2.6. Tax Increment Financing Application.
The Redeveloper has submitted to the Authority a preliminary
Tax Increment Financing Application in accordance with the
Authority's tax increment financing policy. Within ten (10)
days after the Redeveloper has obtained all of the options
referenced in Section 2.1 of this Agreement, the Redeveloper
shall submit to the Authority a final Tax Increment Financing
Application for consideration by the Authority.
Section 2.7. Governmental Approvals.
During the term of this Agreement, the Redeveloper shall
seek to obtain certain of the governmental approvals necessary
to proceed with development of the Minimum Improvements. On or
before , 1991, the Redeveloper shall submit to
the City and the Authority a refined site plan, including
elevations, showing the Minimum Improvements to be used by the
Authority and the City for concept review of the development
proposal. Within five days after receipt of concept review
approval by the City, the Redeveloper shall prepare additional
plans and documentation necessary to apply for a conditional use
permit approval, right -of -way vacation, rezoning, and replatting
approvals. All of the approvals referenced in the foregoing
sentence shall be obtained by the Redeveloper no later than July
1, 1991.
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Article III
Authority's Responsibilities
Section 3.1 Acquisition of County Property. A portion of
the property presently shown on the Redeveloper's preliminary
site plan as needed for development of the Minimum Improvements
is owned by Hennepin County. The Authority agrees that it will
use its best efforts to attempt to secure an agreement from
Hennepin County allowing the Authority to acquire such portion
of the property. If the Authority is unable to secure county
approval of a contract for conveyance to the Authority of
necessary land and easements for development of the Minimum
Improvements by May 31, 1991, this Agreement may be terminated
by either party hereto upon the giving of written notice to the
other party.
Section 3.2. Preliminary Engineering and Traffic Study.
Within days after the date of this Agreement the
Authority shall arrange to have undertaken a preliminary traffic
analysis of the traffic which will be generated as a result of
the development of the Minimum Improvements and its impact on
existing traffic patterns in the area. In addition,
within days from the date of this Agreement, the Authority
shall cause to be undertaken the preparation of a preliminary
engineering report concerning existing and necessary public
utilities in the streets as they relate to the development of
the Minimum Improvements. Both of the above reports shall be
prepared by a consultant selected by the Authority. The cost of
such reports shall be the responsibility of the Redeveloper and
the Redeveloper shall reimburse the Authority for such costs
upon written demand by the Authority.
IN WITNESS WHEREOF, the Authority and the Redeveloper
have caused this Agreement to be duly executed in their names
and on their behalf on or as of the date first written above.
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•
•
•
By
By
By
By
Housing and Redevelopment
Authority in and for the City
of Hopkins
Its
Its
Ryan Construction
Its
Its
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•
HOPKI NS VILLAGE CENTER •
HOPKI NS, MI NNESOTA
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