HomeMy WebLinkAbout1988-01-12 Park Board PacketWE61NA
4801 WEST 50TH STREET, EDINA, MINNESOTA 55424
612-927-8861
EDINA PARK BOARD
7:30 p.m.
January 1.2, 1988
Edina City Hall
A G E N D A
I. Approval of minutes of December 8, 1987, meeting
II. Grove Street Open Space - Judy Semsch
III. Hedberg/Edinborough Tax Increment and How it Works - Gordon Hughes
IV. Recreation Report
V. Other
0
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EDINBOROUGH OVERVIEW
TAX INCREMENT FINANCING (T.I.F.)
- NEW TAXES FROM NEW DEVELOPMENTS ARE DIVERTED TO EDINA TO
REPAY BONDS WHICH WERE SOLD TO PAY FOR EDINBOROUGH PARK AND
OTHER PUBLIC COSTS.
EDINBOROUGH PUBLIC COSTS
PARK COSTS
* LAND
* PARK EQUIPMENT
* OUTDOOR PARK
* DLVVTMa VAMC
$9,000,000
CONDOMINIUM COSTS
* LAND
* UTILITIES
* PARKING LOTS
* LANDSCAPING
* SIDEWALKS
* OUTDOOR LIGHTING
* WATERPROOFING
* SAC
GRANT LOAN * CONSTRUCTION INTEREST
$4,000,000 + $2,000,000 $6,000,000
* REDUCED SELLING * 2ND MORTGAGES TO MODERATE INCOME
PRICES OF ALL BUYERS
CONDOS * MUST BE REPAID ON SALE
- HIGH LAND COST
- UNDERGROUND PARKING
PAYMENTS TO CITY BY DEVELOPERS & RESIDENTS FOR PARK OPERATION
DEVELOPERS - $835,000
HRA - $920,000
TOTAL $1,755,000
RESIDENTS $15/UNIT PER MONTH
OFFICE $.21/SQ. FT. PER YEAR
* ALL FUNDS USED FOR PARK OPERATION
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