12-20-00 Council Workshop Mintues

Home Browse Search

MINUTES CITY COUNCIL DECEMBER 20, 2000 is for office development. The developer has indicated that should a building be constructed for speculation, the biggest risk is during the lease up period. Therefore, the developer would like $120,000 each year for the projected three year lease up period. The Administrator reported that he informed the developer that the City might want an equity position in the property in return for a guarantee of this sort. Scalze pointed out the success of the Blacktern development, and suggested that the same concept may work on this corner. The Administrator felt that office is the only type of development that will work from a TIF standpoint. The Administrator also pointed out that once redevelopment begins in this area; the price of land will go up. Therefore, he suggested that the City might want to get an option to purchase on The Venetian Inn property. Morelan felt that additional retail was needed in this area. Pedersen felt that retail was a tough market given the major retail developments in the surrounding area. Fahey felt that a good restaurant was also needed. The City Administrator updated the Council on the appeal process that is underway by the Guerin Family relative to the City's taking of their property at the northeast corner of Rice and Little Canada Road. The Administrator indicated that he informed the attorney representing the Guerin Family that the City Council was likely to standby their previous offer of $360,000 for the property subject to the payment ofclean-up costs. Fahey indicated that he has been approached by both John Vitale and Sherman Rutzick asking about the City's interest in both The Venetian Inn property and the Rutzick property. Fahey agreed that if the northeast corner and the DeLonais property develop, the price of land will increase. Fahey indicated that he would not oppose the use of eminent domain to acquire these properties should there be a development proposal before the City. Pedersen asked the status of the DeLonais property. The City Administrator indicated that the owners of the Market Place Shopping Center have indicated their desire to construct a free standing drug store on the site. However, he was not sure as to the status of that project at this point. There has also been the suggestion of senior housing being developed on the DeLonais property as well as development of senior housing on the south end of the Market Place Shopping Center parking lot. However, no formal proposals have been made at this time.