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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 27, 1995 <br />Hotzler pointed out that there is a bigger market share <br />at the $5 to $6 per square foot rent level. There will <br />be some tenants who go out of business regardless of <br />the rent level. Hotzler pointed out that as owners of <br />the Market Place, they would be in partnership with <br />their tenants and would look for the best way to make <br />them economically viable. <br />Scalze asked if the bingo hall would be retained as <br />well as asked for information on tenants at the center. <br />Grootwassink replied that a grocery store, Snyders, the <br />beauty salon, the travel agency, Comprehensive Research <br />Group, the bingo hall and food area, as well as My Le <br />Hoa Restaurant would occupy the center. They would <br />also be looking to attract businesses such as an auto <br />parts store, pet food store, hardware store, etc. <br />Scalze asked the size qrocery store that was planned <br />for the center. <br />Grootwassink replied that the grocery store would be <br />approximately 3,000 square feet larger than the <br />existing grocery store. There are also plans to <br />relocate Snyders next to the grocery store. <br />Grootwassink pointed out that by eliminating the <br />enclosed mall, costs of heating are reduced, loitering <br />problems reduced, and additional income created. <br />Hotzler reported that they are in the process of <br />negotiating leases with existing businesses. <br />Fahey asked if in Grootwassink's experience is the <br />Market Place Shopping Center a viable building that can <br />work? <br />Grootwassink replied that it was, pointing out that he <br />has successfully done similar redevelopment projects. <br />Even with the remodeling costs, rents can be kept at a <br />reasonable rate. <br />Grootwassink was asked how long he intended to retain <br />the building. His reply was that he had a difficult <br />time selling something once he had purchased it. <br />Joe Vitale felt that market forces would set the <br />valuation of the building, pointing out that $5 per <br />square foot rents would dictate the value of the <br />building. Vitale did not believe the market value <br />would increase at the $5 rate. <br />Grootwassink stated that he believed the market value <br />6 <br />