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MINUTES <br />CITY COUNCIL <br />APRIL 30, 1996 <br />owners of the Market Place Shopping Center estimated <br />between $5.00 and $6.00 per square foot. It was noted <br />that the Kandice Heights property was sold to the <br />developer for $1.50 per square foot. <br />The Administrator pointed out that the Financial <br />Advisor's estimates do not factor in base value of the <br />TIF District. Fifield agreed that observation was <br />correct. The figures he has presented are net numbers. <br />Fifield then reviewed his analysis of estimated market <br />value and tax capacity for the Center Place and Kandice <br />Heights tax increment projects. Fifield indicated the <br />Kandice Heights I project was a good comparison, and <br />pointed out it will be necessary to get a building with <br />more than one level to generate the type of tax value <br />which will be necessary to make a project work. <br />Morelan asked what factors will go into determining <br />what the City will sell the land for. <br />Fifield replied that the City would negotiate the sale <br />price with the developer. As part of the RFP, the City <br />will establish the criteria by which a proposal will be <br />judged'. The trade-offs will occur in how much the City <br />will participate versus what the City thinks it gains <br />from the project. <br />Morelan suggested that the City could give the <br />developer a better price on the land if the developer <br />elects to construct a more costly building. <br />Fifield agreed, and pointed out that another issue is <br />how much of a catalyst the project will be to <br />development of surrounding properties. The projects <br />the City finds more appealing would be the ones the <br />City is more likely to invest in. <br />Scalze asked if Fifield thouqht the City would attract <br />developers with an RFP. <br />Fifield replied that he believes there is interest in <br />developing in Little Canada. However, the City needs <br />to assemble and control some sites so that a developer <br />will become interested. <br />Sherman Rutzick stated that the City must control the <br />property before anyone will venture out to Little <br />Canada. Ru~zick indicated the City can either own the <br />sites or hold options. Developers need to know that <br />they will be able to negotiate with the City, and that <br />3 <br />