1999-03-30 TIF Expenses
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Michael C. Couri*
Andrew J. MacArthur
Marcus W. Miller
COURl & MACARTHUR
Attorneys at Law
705 Central Avenue East
PO Box 369
St. Michael, MN 55376
(612) 497-1930
(612) 497-2599 (FAX)
.Also /ice1l8ed in l/linois
March 30, 1999
VIA F ACSIMILE-651-223-3066
Mr. Paul Donna
Springstead, Inc.
Re: City of Albertville; Land of Lakes Stone Company TIF.
Dear Paul:
As we discussed yesterday, the City of Albertville is interested in setting up an
economic development TIF for the Land of Lakes Stone Company ("LOL") LOL's
building will be occupied by two companies. Approximately 90% of the building's area
will be occupied by LOL, which cuts and manufactures granite countertops. The
remaining portion of the building will be occupied by a showroom for LOL and for
warehousing and storage for a second business, Land of Lakes Tile Company, which
installs tile in homes.
LOL is purchasing three contiguous undeveloped properties in Albertville for
$335,000, and will construct a building on the site estimated to cost approxinlately
$1,200,000. The City would like the TIF to go the maximum number of years possible,
generating the maximum amount of tax increment.
Estimated TIF expenses are as follows:
. Land cost: $335,000
. Water main, trunk charges, SAC & WAC: $22,200
. Street, curb, gutter & drainage: $63,000
. Park dedication: $25,200
. Remainder of available increment to soils correction, footings, parking lot, and other
qualifying site related expenses, with the possibility of diverting 20% of the increment
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Mr. Paul Donna
March 30, 1999
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to pay for additional city expense related to street and water main improvements in
the area. At this point the City is not sure how the remainder will be spent, and would
like to see how much remainder would be available to allocate between the Developer
and City-installed public improvements.
The property tax ill numbers of the propertis LOL is purchasing are 101-500-361401,
101-500-364304, and 101-500-364401. The City estimates that its administrative
expenses will be in the neighborhood of $5,000 for thisTIF. The City. does have a
functioningEDA. .
If possible, I would appreciate your expediting this matter as quickly as possible. I
am copying this letter to Steve Bubel of Kennedy & Graven, and willrequest that he
expedite the notices which must be sent out to the school and county. If at all possible,
we would like to get the notices out in time to hold the public hearing on May 3rd. If this
is not possible, then we would like to hold the hearing as soon after the 3rd as possible.
Thank you for your quick attention to this matter. Please do not hesitate to contact me if
you have any questions regarding this matter. Thank you.
Cc:
~ Linda Goeb
Mr. Steven Bubel
Mr. Eric Dudley
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Michael C. Couri
Couri & MacArthur