07-27-94 Council Minutes - Laserfiche WebLink

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MINII'PES CITY COUNCIL J'ULY 13, 1994 done on the property to the south. The tests showed that there is 8 to 10 feet of fly ash on the site, and after that the auger went straight down with little resistance. Pedersen felt the Council had to deal with the reality of the soil conditions and the fact that the soils could not support a concrete structure. Pedersen felt that at some point the property may become valuable enough to be redeveloped. However, in the meantime, the Council should not hold up this proposal. Morelan stated that if a better proposal would come along within the next 10 years, he would be willing to wait. Stockness reported that he has been discussing financing of his project at three different banks, and one brought up the issue of the type of buildinq proposed in the area that exists. The bank noted the area is developed mainly with pole buildings, and Stockness was proposing a 16,000 square foot steel building with a masonry veneer and $40,000 facade on the front. The bank also noted the excavating business across the street, and commented that they might not care to borrow money for this project given the area. Stockness again stated that he felt the project he was proposing was a good transitional use between the pole buildings and the properties along 5outh Owasso Blvd. Morelan asked the value of the building proposed. Stockness estimated the value at $550,000 with the property. Stockness felt the value of the same size building with all-masonry construction would be substantially higher. Hanson asked the amount of property taxes Stockness is paying on his current buildinq. Stockness replied that he has a 5,000 square foot building now and estimated the taxes at $5,300 per year. Hanson pointed out the Planning Commission's recommendation that Stockness comply with the 50% masonry requirement should soil conditions permit. 5