10-25-89 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL October 25, 1989 Blesener replied that the value of the commercial property is in its frontage and not its depth. Pierce stated that the loss of commercial square footage will be a loss in value to the property owner. Fahey stated that there may be some impact on the properties, however, in terms of the overall neighborhood, he couldn't see not going forward with the rezoning. Fahey pointed out that the property owners will have a residential lot that they can sell in the back and will have commercial property in the front that can be developed. Dr. Krienke reported that he purchased his property as an investment in 1967. Krienke stated that he has discussed this matter with an appraiser and was informed that commercial property is worth $4 to $5 per square foot, while residential is worth $1.50 per square foot. Krienke asked who will make up the difference in property value if the property is rezoned. Fahey pointed out that it is the City Attorney's opinion that it is the City's perogative to make a decision that is in the best interests of the community. Fahey pointed out that this has been a difficult area to deal with, and the development proposal presented for the area is a good solution. Krienke stated that he felt the Council was appeasing the people on Iona Lane at the cost of the senior citizens on County Road C. Krienke stated that a rezoning would downvalue the property, and that he discussed this with an attorney who indicated that this would be a difficult situation for the City. Fahey stated that he was not prepared to change his mind at this stage, but could understand that there were pluses and minuses in the situation. Krienke asked about the road location change in the Boosalis project. The Council showed Krienke the plat showing the new road location. Pierce asked if the rezoning was necessary because of the Boosalis project. Page 13