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MINUTES CITY COUNCIL OCTOBER 10, 2001 the purchase of their property. He further reviewed the appraised value that the City obtained on the site in 1996 of $950,000. Factoring in an inflationary increase of 3% each year, brings that value to slightly over $1,100,000. The Administrator reported that the option is for 30 days and subject to the financial feasibility of a senior housing project on the site. The Venetian is also asking for a guarantee of an on-sale liquor license for a period of one year if the City does purchase the property. This will allow them to re-establish The Venetian Inn somewhere in the redevelopment area. Scalze noted that the on- salelicense would have to be tied to a proportional split of liquor and food as exists with the current license. Mr. LaValle introduced the following resolution and moved its adoption: RE.S`O7 UTIONNO. 2007-70-231-APPROVING THE 30-DAY OPTION AGREEMENT WITH THE VENETIAN INN AS RECOMMENDED 73Y THE CITYADMINLSTRATOR The foregoing resolution was duly seconded by Montour. Ayes (5) LaValle, Montour, Scalze, Fahey, Anderson. Nays (0). Resolution declared adopted. FEASIBILITY The City Administrator recommended the ordering of feasibility studies STUDIES FOR for the improvement of Eli Road and Desoto Street fi•om Centerville Road ROAD to LaBore Road as well as for Market Place Drive. The Administrator IMPROVEMENTS further recommended that the Twin Lake area feasibility study be revisited in light of the fact that the City of Vadnais Heights is not inclined to address water quality in the area. The Administrator recommended that the City Engineer be authorized to explore other options for getting water main into this area in light of the 694/Rice Street project. If there are options that prove feasible, staff would hold a neighborhood meeting to determine if property owners are supportive of proceeding with the project. Scalze noted that at a recent meeting some property owners on Eli Road commented on the necessity for a road improvement, but also felt that poor road conditions were the result of school bus traffic. These property owners felt that, as a result, the School District should pay a greater share of road improvement costs. The City Administrator noted that if an improvement proceeds, the School District would pay the commercial rate that is higher than the residential rate. Once a feasibility report is prepare, City staff would hold a neighborhood meeting to determine if there is support for a road improvement project. tt