5.0. EDSR 05-09-2005 - Laserfiche WebLink

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Consider Development of Twin Lakes Business Park May 9,2005 EDA Meeting Page 3 of 3 • Ehlers &Associates has completed a preliminary TIF estimate that indicates that there appears to be sufficient TIF that could be generated to fund either the entire park or phase I improvements if all of the lots were built-out at the time the improvements are installed as envisioned on the concept plan. However,it is not realistic to believe such an aggressive build-out therefore there is a time lag that would create additional expenses since TIF revenues are typically not available until 18-24 months following project construction. The EDA could consider one of the following options ranging from the most financial risk to the least financial risk: 1) Recommend the Council improve the entire park through an improvement bond at an estimated cost of$1.3-million with lots available for construction late fall 2005. 2) Recommend the Council improve Phase I of the park through an improvement bond at an estimated cost of$750,000 with lots available for construction late fall 2005. 3) Recommend the Council complete minimal improvements and cost estimated at $250,000 to get a few lots available for construction late fall 2005 and TIF revenues generated to complete additional improvements (Option 2 listed on Page 5 of the draft feasibility study). • 4) Recommend the Council complete plans and specifications for the entire development or phase I improvements and market for first identified user(s),but do not bid or begin construction until there is at least one significant lot development proposed (Option 1 listed on Page 5 of the draft feasibility study). 5) Market for development,but do not complete plans/bid improvements until the first significant lot development is proposed. In considering the least amount of financial risk and the most flexible plan for marketing and development of the park, staff recommends that the EDA consider option#4 or 5 listed above. •