02-15-95 Council Workshop Minutes

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MINUTES CITY COUNCIL FEBRUARY 15, 1995 replacement of existing value and still generate sufficient TIF dollars. The Administrator asked the cost to construct a cottage unit. Collyard estimated that amount at $52,000. The Administrator asked if infrastructure numbers were built into that figure. Collyard replied that they were. The Administrator stated that if that were the case, the cost to construct an individual cottage unit must be less than $40,000. The City Planner reported that the cottage developer indicated that he would bring sewer and water to the development as part of his cost. The Administrator reported that the cottage developer indicated that infrastructure costs will be part of his cost, however, he will be looking for TIF assistance in writing down the cost of the land to nothing. Fahey questioned why part of the Market Place Shopping Center should be demolished if a portion will remain and if there are tenants interested in staying in the building. Fahey noted that the building is approximately 25 years old. Fahey suggested that the shopping center should be retained until Mr. DeLonais wants to do something with his property. That portion of the project could then proceed as Phase II. Fahey pointed out that at some point the City will have to decide on whether the concepts being presented are acceptable. Fahey was not sure whether the Council Members were comfortable with the senior cottage concept. Fahey stated that he assumed the cottages were proposed because the shopping center had to go, and now Collyard is telling the Council that a portion of the shopping center will remain. Collyard pointed out that he has a concept for retaining 30,000 square feet of the shopping center. The rest of the center does not have frontage, therefore, is not a good retail location. Without profile on Rice Street, the center will always struggle. Collyard pointed out that once the rest of the Gateway Project begins to develop, the tenants at 4