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MINUTES <br />City Council <br />July 29, 1993 <br />Collyard indicated that it is important to be able to <br />recover the tax increment financing money with the revenue <br />obtained from the project. He feels that the strong retail <br />in the project greatly increases the capture of real estate <br />tax dollars and tax base. Therefore, it is able to support <br />the senior housing residential area proposed. <br />Pedersen asked who would own the senior housing area. <br />Collyard indicated that it would be sold to a development, <br />but Collyard's company would have an equity interest in it. <br />Morelan asked what the time frame would be on the <br />development of the north project. Collyard stated that the <br />north project would take 13 months to develop and the entire <br />development would take 36 months to develop. <br />Morelan asked if there is any land contamination at the old <br />gas station site on the corner of Little Canada Road and <br />Rice Street. Collyard stated that he has been told that <br />there is no contamination at the site. The site has been <br />given a certificate of completion for environmental impact. <br />DeLonais indicated that he heard the old station site was <br />clean. <br />Morelan asked what the seating capacity was for the movie <br />theatre. Collyard stated that the theatre will be 50,000 <br />square feet with six screens. Therefore, there would be 200 <br />seats per screen. He stated that a survey is currently <br />being done to see if there should be more than six screens. <br />Pedersen asked if there was adequate parking proposed for <br />the theatre and the grocery store. O'5hea stated that they <br />have just done rough numbers on the parking lots. He <br />indicated that they want to provide adequate parking for the <br />site and he is comfortable that they will make the parking <br />requirements. 0'Shea stated that if necessary, they will <br />reduce the retail space to provide for adequate parking. <br />Collyard indicated that Shea Architects is rated 9th in the <br />nation in the retail design boards. He stated that they 2re <br />a very credit-worthy, Minneapolis firm. <br />0'Shea stated that to-date there have been no formal studies <br />to determine lot coverage, landscaping requirements, signing <br />requirements, etc. He indicated that those areas would be <br />researched as the next step. <br />-3- <br />