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MINUTES <br />CITY COUNCIL <br />September 6, 1989 <br />to the difficult piece of property that the developer <br />was developing. Fahey pointed out that in similar <br />instances other cities put toqether economic packages <br />to assist developers, and this is not an unusual <br />situation. <br />Osland asked the square footage of the lots being <br />proposed by the developer. <br />Fahey replied that the lots are 11,000 to 12,000 square <br />feet in size, which exceeds City Code requirements. <br />Fahey agreed that the use of TIF is controversial, but <br />not unprecedented. Fahey outlined the details of the <br />use of TIF assistance for another development project <br />in the City, and again pointed out that many other <br />cities use this tool to attract quality development. <br />Fahey pointed out that the Boosalis project as proposed <br />has addressed the concerns expressed by Iona Lane <br />residents in the past for the development of the <br />Steneroden property, and it is the Council's feeling <br />that the Boosalis project is the best project that has <br />been proposed for that property. <br />Osland asked the value of the homes that are proposed <br />by Boosalis. <br />Fahey estimated their value to begin in the $90,000 <br />range, pointing out that the value of lots have been <br />discussed at between $25,000 and $30,000, and lot <br />prices will somewhat dictate the value of the homes <br />that are built. <br />Fahey reported that Gardner Bros. Homes is interested <br />in developing the Boosalis residential lots. <br />The City Engineer reported that the first issue he <br />would like to address is drainage of the area. The <br />Engineer stated that he has reviewed the drainage plan <br />submitted by Mr. Boosalis's engineer and the proposal <br />is to drain the property out the northeast corner to <br />Round Lake. <br />The Engineer pointed out that the property owners in <br />the area had previously suggested that the possibility <br />of draining the property to the storm sewer in County <br />Page 2 <br />