Newspaper Clipping - Newspaper Clipping Scan - City Council approves tax increment funding for proposed racetrack - 12/12/1983
EAGAN
?ONICLE
a Current newspaper
SECTION A Vol. IV, No. 50, Monday, December 12,1983 TWO SECTIONS
Bringing you the news of the people, the neighborhoods and business of Eagan
i TWO
Council approves tax- increment
County has abuse funding for proposed racetrack
problem
by David Siegel bonds. The city is not liable for the audience said the track will The minimum value of the
j by Jane Vanderpoei The Eagan City Council ap
industrial revenuebonds, At its encourage other development track on opening day, which
immune to child abuse, Nov. 15 meeting, the council in the area if Eagan is selected would be in 1985 under Gov.
increment financing for a approved $27 million in in- as its location. Rudy Perpich's plan, will be
the racetrack at Tuesday's City dustrial development bonds The state racing commission $22 million, Jarvis said.
incest or other sexual
problems, abuse Council meeting, for the racetrack. must pick one metropolitan Assuming an inflation rate of 4
problems will get worse if Councilmember Ted
we keep ignoring them. Wachter was the lone opposi- The Minnesota Jockey Club site for the track. There are percent, the track will be worth
tax-
Carla Christensen Inc. wants to construct a Class nine contenders. $44 million when the tion in the councils 3-1 vote. A horse racing
track on 233 A 90-day racing season is exempt bonds are paid off.
doesn't mince words Councilmember Jerry Thomas
= when she talks about the acres of a 449-acre site in the planned. Jarvis said the track After the bonds are paid off, ~
was on vacation. northeast corner of the city. will employ 1,280 seasonal the track will generate an
serious-and mainly A handful of residents who
an-
hidden-problem of sex- oppose the tax-increment Edina developers Laukka- people and 16 full-time people. estimated $1.8 million in an-
hid
hid abuse our society. financing argued the project is Beck, who own the land, plan Of those, a minimum of 840 to nual taxes, Jarvis said. That
is
ual Christensen, as the new risky and said the city and to build an office-retail- 870 will be hired from the area, divided among the county,
coordinator for showroom complex on the re The job coincides with the school districts, city and other
program ultimately its taxpayers will be minor taxing jurisdictions.
i the Dakota Sexual responsible to make bond maining acres. summer schedule of high Assault Services, plans to Without the financing,
site school and college students. Eagan will receive about 20
help prevent sexual abuse payments if the track fails. development will take about 25 "This is going to be a signifi- percent.
Under tax increment financ ears, estimated Peter Jarvis, cant The tax-increment financin
in Dakota County. ]ng, tax-exempt bonds are sold y opportunity in terms of €
Dakota Sexual Assault and the taxes generated from consultant for the developers. employment for young is only part of the $38 million
Services is art of the With the tax-increment financ- people," Jarvis said. investment to construct the
p the development are used to in , "the time frame we now The racetrack. The Minnesota
Community Action make payments on the bonds. g payroll will be about
Council. In the case of the racetrack this think is probably going to be $4.5 million, he said. Jockey Club will provide $6
estimated between 15 and is closer to 10 years for the entire Restaurants and hotels will be million in cash. Industrial
ABUSE: to P.11A 18 development.". in demand as a result of the
years. Area developers and mer- constriction of the <lcetraCk,
Tax-increment financing chants and represent atI es of ~IACETRACK: to P. 12A
differs from industrial revenue he
area chambers of comrrtcrce in
Inside the Chronicle
Holiday Sampler Healthy housing market
A group of neighbors made an array of The area housing market is healthy, says
dishes and got together to sample them. realtors board president. Page 25A.
Page 4A.
Carla Christensen