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MINUTES REGULAx CITY COUNCIL MF~TING Dr;C~;MBEtt 1~., 1983 PAGE 2 Councilmember Larson felt that most of the options presented routed traffic onto Crawford and asked what the impact would be on residential neighborhood if the Highway Department closes the Crawford intersection. Mr. Shardlow stated that traffic would proceed down Crawford onto Arona and then to Larpenteur. Clerk Administrator Barnes informed that the Highway Depart- ment plans to leave the intersection open. Councilmember Eggert felt that LARPENTEUK/ Council should move ahead and make a decision as to what property should SNE7,LING remain or be removed or relocated. (cont.) Sob Collins, Sullseye Golf, stated he hoped Council would make a basic design decision at the meeting (Council's preference as to which properties are to be taken, if at~y) in order that basic plans could be presented at the January 9, 198l~ Planning Commission meeting. Mr. Collins referred to scheme (h) as prepared by Dahlgrens, which would leave the Embers. He f eft that scheme was compatible with redevelopment in general and presents a whole new image along Larpenteur Avenue. He indicated a smaller building would be proposed, 17,000 to 23,000 square feet, because of parking difficulties, even though they would prefer a larger building. The smaller building would cost approximately $18,5,000. He felt strongly that the service station should be acquired for the development but could understand the reasons for it remain- ing . Council.member Eggert pointed out that in the original report as many local businesses as possible were to be retained so he felt it would not be feae~ible to acquire Embers, the Liquor Store could be sold due to declining profits, and felt the service station should be cleaned up but not necessarily taken. He asked for input from other Councilmembers. Fiscal Consultant Chenoweth advised that an $850,000 building would provide approximately $216,000 net for the Tax Increment Development District. This was based on a report provided by Mr. Chenoweth at a previous workshop. He indicated the service station property has an assessorTs market value of approximately $100,000 and the owner would probably want more, perhaps $125,000 to ~i150,000, expecially if he is asked to sell. If the City were to purchase the property and provide relocation costs, the estimated $216,000 could be used up quickly and might not be enough. He explained that Bullseye could be assisted by the use of IDK Bonds and referred to his letter dated December 11, 1983 regarding ILR Bonds. The City could enter into a develop- ment agreement with the developer whereby the developer would be required to guarantee 25~ of the debt service on the bonds. Jelin ~hardlow agreed with Mr. Chenoweth, but indicated if the redevelopment project area were broader, say to encompass all four quadrants of the inter- section, and if additional redevelopment were to occur on the southeast quadrant, the City could spend that increment where ever it chooses in the project area so there might be additional money available. Mr. Chenoweth stated he felt at this point only Bullseye can be considered. He also clarified the fact that the $21b,000 is the total amount for redevelopment not $216,000 per year. Acting Mayor Larson asked if only the purchase price of the property would have to be considered or if relocation would also be a factor. Mr. ~hardlow replied that relocation would have to be considered.