6.0. EDSR 06-13-2005 - Laserfiche WebLink

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Northstar Business Park Development Update June 13,2005 EDA Meeting Page 2 of 2 • City's intent that the lot be purchased by the user upfront and receive pay-as-you-go Tax Rebate Financing from the City and County to reimburse the prospect for a portion of the land cost with the amount of the assistance tied to job creation goals. Within the coming months the prospects will submit application for Tax Rebate Financing from the City and County. The applications will be reviewed by the EDA for recommendation to the City Council. In addition to the opportunity of having three initial users of the park to afford a greater scope of the improvement project, staff has recently been made aware of a grant opportunity from the MN Department of Employment and Economic Development (DEED). The attached memo to the Council from Assistant Director of Economic Development Heidi Steinmetz describes the grant opportunity for 50% of the capital cost of public infrastructure and the program requirements. Staff expects to submit a grant application later this month and it is our understanding that notification of grant award would be approximately one month following application submission. Improvement Project Schedule The following schedule assumes the need to have utility construction complete for fall/winter new business construction: • Submit Preliminary Plat Application June 27, 2005 • Council holds public hearing and orders improvement July 5,2005 • Council approves plans/specs for first phase utilities and July 18, 2005 411 authorizes advertisement for bids • Planning Commission reviews preliminary plat July 26, 2005 • Bid open August 10, 2005 • Council approves bid and awards contract August 15,2005 • Construction begins August 2005 • Council determines cost to be assessed and sets September 6,2005 assessment hearing • Council holds assessment hearing/adopts assessment roll October 3,2005 • Construction complete October 2005 •