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MINUTES <br />CITY COUNCIL <br />MAY 10, 1995 <br />the property owners were willing to sell. The <br />Administrator also pointed out that the Gagne property <br />is for sale, however, the size site Warner Stellian is <br />interested in would pull the Gagne home into the <br />project. The Administrator indicated that Warner <br />Stellian has expressed interest in the Gagne property <br />as well as other available sites further north on <br />Country Drive. <br />The Administrator pointed out that the property <br />purchase involving the Kandice development was written <br />down to $1.35 per square foot for the developer. The <br />Administrator pointed out that the City had no control <br />on the initial sale price of the property, and <br />suqgested that an appraiser could be hired to set this <br />value as part of a future TIF package. The <br />Administrator explained the effect that a TIF project <br />will have on the City with regard to fiscal <br />disparities. <br />Fahey indicated that he would not hesitate to do what <br />we have to do to acquire properties and assemble a <br />site. The City should not lose an opportunity and <br />should make use of excess TIF increments. <br />The City Administrator suggested that the first step <br />might be to determine the willingness of the property <br />owners to sell. He also pointed out that a developer <br />driving by the area may not realize that there are <br />sites that could be assembled along Country Drive. <br />Morelan asked if Warner Stellian was informed of this. <br />Fifield replied that Warner Stellian initially wanted <br />the City to put together the site and then turn it over <br />to them. Fifield stated that it is rare that a <br />developer will come to a city and say this is the site <br />we want. Also if sites are competing against a bare <br />piece of ground, it is easier for the developer to <br />pursue the vacant property. <br />Scalze indicated that Country Drive was a prime area, <br />and felt there would be more interest in this area if <br />it did not appear to be residential. <br />Fahey pointed out that the City would have to be <br />careful not to landlock any parcels in the back through <br />development of the Country Drive frontage. <br />3 <br />