7-1-96 agendaa?
CITY OF RICHFIELD
MONDAY, JULY 1, 1996
SPECIAL JOINT RICHFIELD CITY COUNCIL AND
RICHFIELD HOUSING AND REDEVELOPMENT AUTHORITY MEETING
6:30 P.M.
WOOD LAKE NATURE CENTER
735 LAKE SHORE DRIVE
CALL TO ORDER
ROLL CALL
• I. DISCUSSION OF DEVELOPMENT INVESTMENT AND GROWTH
OPPORTUNITIES IN RICHFIELD AND PROCESS TO IDENTIFY AREAS WITH
GREATEST POTENTIAL
COUNCIL LETTER NO. 218
HRA LETTER NO. 40
ADJOURNMENT
AUXILIARY AIDS FOR INDIVIDUALS WITH DISABILITIES ARE AVAILABLE UPON
REQUEST. REQUESTS MUST BE MADE AT LEAST 96 HOURS IN ADVANCE TO
THE ADMINISTRATIVE SERVICES DIRECTOR AT 861-9702.
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CITY OF RICHFIELD, MINNESOTA
Council Letter No. 218
HRA Letter No. 40
Agenda, July 1, 1996
Issue Statement:
Discuss development investment and growth opportunities in Richfield, and a process
to identify areas with the greatest potential.
Background:
This agenda item provides the City Council the opportunity to begin to discuss a
process which prioritizes development opportunities. The HRA held a similar study
session on June 17, 1996. The HRA has been invited to join the City Council for further
discussion.
The legislature may prohibit reprogramming of tax increment resources next year.
Such action would seriously inhibit the efforts to renew Richfield. Priorities which come
from City Council and HRA discussion will assist in evaluating potential investment
opportunities to be acted upon in the next few months. Staff has prepared resource
materials; guidelines, map, checklist, timeline, and preliminary priorities to assist the
discussion.
• The map identifies 20 areas of the City. Over time these areas may provide the
greatest investment opportunity for housing and commercial redevelopment. The
checklist identifies the project areas in greater detail, estimates the cost to provide
cleared land for redevelopment, and provides a listing of characteristics to evaluate in
prioritizing opportunities. The guidelines further explain the column headings on the
checklist. The City Council/HRA may wish to modify the suggested guidelines during
the discussions. The timeline represents key events to successfully commit resources
this year. The rating and prioritizing of development opportunities were requested of
staff by the HRA as a result of the June 17, 1996 HRA study session.
John Dean from Kennedy & Graven and Sid Inman, Publicorp, will be available at the
meeting to participate in the discussion.
Recommended Motion:
Discuss and prioritize the development opportunities which have the greatest
investment potential for making a positive impact on the community.
Basis of Recommendation:
1. Prioritizing opportunities is important given the great need and limited resources.
While there are few poor opportunities, some will emerge as stronger than others.
• 2. The guideline, map, checklist, timeline, and preliminary priorities help to rank the
opportunities.
3. Legislators are again considering changes to the tax increment laws. Preventing
plan modifications that allow the reprogramming of resources to meet changing
needs is being discussed. Richfield could lose $6 million in present value
resources or $12 million in future value resources by the year 2002.
4. Selecting priorities now and obligating the tax increment resources prior to
legislative action would help preserve this revenue source.
Alternative Recommendation:
1. The City Council/HRA may wish to add additional areas or delete some areas
from consideration.
2. The prioritizing of development opportunities by staff is meant to aid discussion
and should be adjusted to reflect City Council and HRA preferences.
3. Reject consideration of investing tax increment project funds in the community.
4. Defer discussion of this matter.
Discussion/Decision Mode:
Following input from the City Council, the HRA can further consider the highest
priorities at their July 15 board meeting. The funds need to be committed by year's
end. •
Respectfully submitted,
James Prosser
City Manager
JDP:ds
Attachment
July 1, 1996 City Council/HRA
Guideline for Evaluating Growth Opportunities
The following criteria have been developed to assist in identifying the strongest
opportunities with the potential for greatest benefit to the community.
1. A need for intervention is evident; blighting conditions, conflicting land use and/or
underutilized conditions exist.
2. The site has potential for providing alternative types of housing development.
3. The site has potential for retail/office development.
4. The potential net cost can be determined.
5. The proposed re-use has the potential to provide a cash flow and thereby a
source of income and return on investment.
6. The proposed re-use has the potential for improving the property tax base as a
return on investment.
7. The impact of the proposal on the School District can be determined.
8. The compatibility of the proposed use with present and proposed infrastructure
improvements can be determined.
9. The proposed re-use is marketable.
10. Ease of site assembly; acquisition and relocation of existing uses, can be
determined.
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