02-13-2002 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COl1NClL FEBRUARY 13, 2002 The City Adminisu'ator indicated that he would have a report for the Council at their next meeting relative to the risk to the City of providing short-term financing for this project. 12EDEVEL,OP- Mayor Fahey reconvened the workshop of the City Council relative to MENT OF THE redevelopment proposals for the southeast corner of Rice Street and Little SOU"THEAST Canada Road. Fahey noted that earlier this evening the City interviewed two CORNER OF finalists for the redevelopment project at this corner. "Those developers were RICE STREET Metro Plains Development and Sherman & Associates. AND L77°I'LE CANADA ROAD Mark Ruff; Ehlers & Associates, reported that the City cannot go wrong in choosing either of these developers. Metro Plains is experienced with mixed use and senior housing developments. Sherman & Associates is also experienced and George Sherman is a very capable developer. Ruff reported that in reviewing the financial analysis provided by each developer, while they each take a different financing approach, the cost per unit for each is approximately $80,000 per rental unit Ruff reported Chat Sherman provided a little more detail at this point and Metro Plains took a more conservative approach. Ruff' felt, however, that both development proposals were close to equal. Scalze pointed out that the Cownhomes proposed by Metro Plains were more suited for seniors. Ruff agreed and noted that Metro Plains was proposing a lower townhome density as well as more expensive townhomes. Montour noted that Metro Plains was assuming more City resources in the project, but felt that this might be negotiable. Fahey asked if the financing proposal of one developer was more favorable than the other. RuR'indicated that if Sherman does not get the financing that he included in his proposal, he may not be able to reimburse the City its land costs. The City Administrator noted that Metro Plains agreed that the City should be able to recover its land costs. The Administrator agreed that each developer should be on equal footing financially, however, the details will still have to be worked through. John Keis, Planning Commission, agreed that both developers were strong, but indicated that he favored Metro Plains. He felt there presentation of the two case studies was strong. He noted that they are proposing all single-level townhomes and stated that he would prefer a combination of single and two- Ievel townhomes. Keis agreed that single-level townhomes are more attractive to senior citizens.