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• For comparison, the County Assessor has placed the following valuations on <br /> some of Pequot's Commercial properties: <br /> • Water Wars Manufacturing Site- $415,200 <br /> • Crafter's Outlet Mall- $907,000 <br /> • Northern Food King- $381,700 <br /> • Super America-$267,300 <br /> • Former Whalen Woods(retail location on Gov't Drive)- $425,600 <br /> To summarize, if Pequot Lakes plans to provide water and sewer access to the east side <br /> of the new TH 371 alignment, for the induced development to justify the cost, private <br /> developers would need to install utilities, construct roadways and plat 60 lots along the <br /> alignment,with each property needing to be developed to a final value of$930,000. <br /> This would need to be in place in Year 1, or a tax increase for all Pequot taxpayers would <br /> need to take place to provide subsidy while he properties along the corridor build out. <br /> Realistically, none of this has a chance of happening. The Brunes Royce addition has sat <br /> vacant for years. High-value commercial properties such as the Anderson strip mall in <br /> Baxter,located next to Famous Dave's, have also sat empty for years. Even in the best of <br /> times, it would be unrealistic to believe Pequot Lakes would see 6o new commercial <br /> properties along this same corridor, each developed to an average value of nearly a <br /> million dollars. And these are not the best of times. <br /> This is why the Donjek report indicated that the cost just to provide sewer and water to <br /> the east side of the new highway corridor would cost the City 12.6 times more than it <br /> received in revenue from the investment. If we implement any of the scenarios 2 <br /> through 6,it will mean a significant tax increase on all property owners in the City. <br /> Scenarios that Do Not Meet Current Policies on Commercial Zoning <br /> 7. Both sides of the alternate alignment are zoned Commercial. <br /> 8. The west side of the alternate alignment is zoned Commercial. <br /> 9. The west side of the alternate alignment is zoned Commercial from a node at <br /> CSAH 11 south to the existing commercial zoning <br /> 10. Both sides of the alternate alignment is zoned Commercial from a node at CSAH <br /> 11 south to the existing commercial zoning <br /> 11. Both sides of the alternate alignment is zoned Commercial from a node at CSAH <br /> 11 north to a node at the intersection with the old highway. <br /> 12. Nodes of commercial development are created at the three intersections with the <br /> alternate alignment. <br /> 13. Nodes of commercial development are created at the three intersections with the <br /> alternate alignment,with each node analyzed separately. <br /> 14. A node of commercial development is created at CSAH 11 and the alternate <br /> alignment. <br /> The other alternative then is to zone the properties commercial but not provide utilities. <br /> In other words, develop in a manner similar to southern Pequot Lakes, Jenkins or the <br /> strip of highway heading into Crosslake. While the initial cost to develop in this manner <br /> is minimal,the benefit is also minimal. The long-term cost is another matter that can be <br /> evaluated at a future meeting. <br /> Pequot Lakes Staff Report 7(a)-3 <br /> April 16,2009 <br />