Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />FEBRUARY 15, 1995 <br />tenant mix possible. Collyard reported that as he <br />finds out the needs of the City, he will bring all the <br />information into the picture. <br />Fahey asked if the anchor tenants finance themselves. <br />Collyard replied that the financial wherewithal of the <br />anchor tenant contributes to the financing of the <br />project. <br />The Administrator reported that once the developer has <br />a 20-year lease with an anchor tenant, he will bring <br />that to the bank. <br />Fahey asked if the leases with the anchor tenants will <br />provide financing for the entire mall. <br />Collyard replied that that was not the case. The <br />financial ability of the investors will allow the <br />project to get financing. Collyard stated that he has <br />submitted a list of investors. <br />The Administrator reported that the list consisted of <br />possible investor options that someone will chose from. <br />Collyard replied that that was correct. <br />LaValle pointed out that the anchor tenants appear to <br />be a grocery store, movie theater, and drug store. <br />Fahey stated that he could accept the argument that <br />once the new retail space is built, tenants of the <br />Market Place will want to move into that space in order <br />to get profile on Rice Street. <br />Collyard reported that Video World, Red Wing Shoes, <br />Rainbow, and Snyders have given notice that they will <br />not renew their leases. Collyard reported that the <br />design of the Market Place is a bad one and does not <br />work. Collyard also reported that the cottages have <br />all been spoken for and there is an extraordinary <br />demand for this type of housing. Collyard stated that <br />he is here to find the right fit for the project, and <br />the concept he has presented appears to be the right <br />fit. <br />Fahey stated that the Council must decide if it is the <br />right fit, and must be comfortable with tearing down a <br />8 <br />