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MINUTES <br />CITY COUNCIL <br />AUGUST 15, 1995 <br />The business owner reported that she currently pay $10 <br />per square foot in rent, while rents on Rice Street are <br />going for $14 to $15 per square foot. This difference <br />in rent makes a big difference as to whether or not a <br />business will survive. <br />A member of the audience indicated that he would be <br />strictly against the use of property taxes to finance <br />the redevelopment project. It was pointed out that <br />Little Canada is one of the highest-taxed communities <br />in the area. <br />Fifield stated that this is the type of input we are <br />looking for. Reactions such as this influence the <br />implementation strategy because there would be fewer <br />resources to work with. <br />Someone asked how many stories are proposed for <br />office/retail development. <br />Schroeder replied that both one and two story <br />development is proposed. Two stories are likely near <br />the intersection of Rice Street and Little Canada Road <br />to call attention to the area as the gateway to the <br />City. Anything taller presents difficulty in <br />accommodating parking requirements. <br />A member of the audience reported when the apartments <br />behind the Venetian In were constructed, the developer <br />also promised to put up an office building. This never <br />happened. Now the proposal is for a multitude of <br />office buildings. How will those buildings be filled? <br />Fifield reported that market research is a component of <br />the study. Based on the market research, the <br />developers will try and create an environment in which <br />the uses are viable. <br />A member of the audience stated that he was not opposed <br />to government being involved, but was opposed to <br />creating a square wheel to throw money at a problem. <br />It has been pointed out that in the 1980's the City <br />experienced qrowth, but at the same time there was a <br />decrease in Rice Street commercial development. <br />Business was running away inspite of an increasing <br />population. This individual stated that there is a <br />market force at work up and down Rice Street. Rice <br />Street is no longer the north/south drag. The <br />gentleman stated that the reason for the Rice Street <br />Study is to create a plan for how business will come <br />back to the area so services will be provided, the <br />9 <br />