Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />MAY 10, 1995 <br />the Kandice III project and had the space leased. <br />However, he was unable to obtain financing. <br />Fifield asked the Council their view on the role of the <br />City in assembling sites for development. Fifield <br />pointed out that should the Council decide the City was <br />going to do site assembly, it would take some time to <br />do so. Fifield reported that Warner Stellian has <br />expressed an interest in the area, and would like to <br />begin construction this summer. <br />Fahey asked if property owners having an inflated idea <br />of what their property is worth are holding up <br />development of the area. <br />The City Administrator stated that issue isn't <br />necessarily the problem depending on the tax generated <br />by the project. Site assembly, timing and density are <br />larger concerns. The City Administrator reported that <br />Warner Stellian is looking for a 3 1/2 acre site for a <br />30,000 square foot building. There is the possibility <br />of a future expansion to 60,000 square feet. The <br />Administrator pointed out that there are about 2 to 2 <br />1/2 acres of vacant land along Country Drive now. It <br />would be possible to put together some additional land <br />at a later date for the expansion, and the <br />Administrator informed Warner Stellian that the City <br />could not advance TIF assistance for the entire parcel <br />until the expansion is realized. The Administrator <br />reported that there would be a lot of timing issues to <br />work out in assemblinq a site. Warner Stellian would <br />like to begin construction in July and be in the <br />building by November. <br />The Administrator and Fifield estimated that it would <br />take 60 to 90 days to assemble a site if the property <br />owners were willing to sell. <br />Gagne reported that on the Kandice project the <br />developer closed on the property July 15th, and tenants <br />moved into the building January lst. <br />Fahey asked what parcels would be involved, who owned <br />these parcels, and were the property owners willing to <br />sell. <br />The Administrator listed the properties and property <br />owners' names. He was unsure as to whether or not all <br />2 <br />