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MINUTCS <br />CI'I"Y COUNCIL <br />hG[3RUARY 13, 2002 <br />Sherman indicated that he is excited about working on the retaiUsenior housing <br />project in Little Canada as well as the for-sale townhomes component He indicated <br />that he would also be interested in redeveloping the northeast corner of Rice and <br />Little Canada Road. <br />Sherman reported that he has the ability to finance the redevelopment project without <br />any governmental assistance except for some TIF assistance. As liar as a timeline, <br />Sherman indicated that 12 to 14 months is realistic, but 6 to 7 months might be <br />possible. Sherman also indicated that with the for-sale townhomes and the density he <br />is proposing as well as some T1P assistance, he would be possible for the City to <br />recover its land costs. Sherman anticipated a developer conU'ibution for land of $1.2 <br />to $1.3 million with the balance of the $2 million in TIF assistance. <br />With regard to finalizing of a development agreement, Sherman felt that the <br />development agreement and the development go hand in hand. [t is usually the point <br />that the development is ready to go that the development agreement is finalized. <br />With regard to preferential leasing for Little Canada residents, Sherman indicated that <br />the senior building cannot be limited to Little Canada residents. However, given their <br />marketing efforts, the majority of the tenants will be Little Canada residents or their <br />parents. <br />Sherman indicated that he would work closely with the City throughout the process, <br />would attend all City meetings and meetings of neighborhood groups. Sherman <br />indicated that his company is involved in a number of projects and he takes a <br />personal interest in each. I ie stated that he has a tremendous team of people working <br />for him that can get the job done. However, he is personally involved in his projects. <br />He currently has 20 projects going at various stages, and estimated that while the <br />Little Canada project would be under construction, he would have perhaps five others <br />under construction as well. Again, Sherman anticipated that the project could begin <br />construction anywhere from October I5, 2002 through May I, 2003. <br />"1'he Council thanked Sherman for his presentation. <br />At this point, 7:25 p.in., the workshop was temporarily adjourned until the regular <br />Council meeting,. <br />t ~..__ / ~ <br />Attest ~ ~,r iC . !' -'_.__ __ _~' -- <br />~JoeliR. Hanson, City Administrator <br />..~~~~~~ l__ '~ _- <br />Micl ael L Fahey, Mayor <br />G <br />