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MINUTES <br />CITY COUNCIL <br />MAY 10, 1995 <br />The Administrator agreed. He also reported that there <br />was interest expressed by another company in the Nadeau <br />property. This firm wanted TIF assistance, however, in <br />running the numbers, the proposal did not work. There <br />was also the issue of what would happen with the <br />Fasciana property because access from Country Drive <br />would have been eliminated. <br />Morelan asked when the Country Drive TIF district was <br />created and why. <br />Scalze replied that it was established in 1989 or 1990 <br />at the request of the property owners along Country <br />Drive. The residential property owners wanted to sell <br />their properties for redevelopment. The area is zoned <br />commercial. <br />Fahey pointed out that the City had never used TIF <br />before, and set up some districts for potential <br />redevelopment. Fahey pointed out that the City thought <br />that the entire area would be developed by Brueggemann. <br />However, Brueggemann only completed the Kandice I and <br />II projects. <br />Morelan asked if the proposed redevelopment drove the <br />size of the district. <br />The Administrator replied that the Water Works property <br />on the south and the Quebec Apartments on the north <br />were natural boundaries for the District. <br />The Administrator reported that the amount of land <br />Warner Stellian is interested in does not support <br />writing the cost down to $1.50 per square foot based on <br />a 30,000 square foot building. <br />LaValle asked the asking price of the land. <br />Gagne reported that he received $3.25 per square foot <br />for his property from Bruggemann, and he believes that <br />Ed Nadeau received $3.20 per square foot. <br />The Administrator reported that the City~s appraiser <br />feels a suitable market value is $2.25 per square foot. <br />Scalze pointed out that giving Warner Stellian the open <br />land alonq Country Drive may landlock some parcels. <br />4 <br />