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MINUTES <br />CITY COUNCIL <br />FEBRUARY 19~ 1997 <br />Moarn replied that he would anticipate a tenant taking <br />occupancy a year from now. <br />Fahey asked if public meetings, meetings with existing <br />tenants and property owners would be part of the <br />process. <br />Laurent replied that the market analysis they would do <br />would be directed toward new businesses rather than <br />existing businesses. Laurent reported that they would <br />secure letters of intent, and then analyze the <br />situation to see how redevelopment can be brought to <br />reality. <br />Fifield asked where land acquisition fit into the time <br />line. <br />Laurent replied that they would prefer not to get <br />involved in land acquisition and would assume the City <br />would take that role. Their firm would be working with <br />prospective tenants and doing design work while the <br />City acquired the property. <br />Laurent reported that his firm has the expertise in <br />leasing, development, construction, and financing to <br />get the redevelopment job done. The Council thanked <br />Laurent/Parks for their presentation. <br />INTERVIEW Mr. Brad Johnson and Mr. Ben Merriman appeared before <br />#3 - the Council and outlined their experience with <br />LOTUS redevelopment projects. Johnson reported that <br />REALTY redevelopment is driven by demographics. He also <br />SERVICES indicated that their major concern is not as much with <br />aesthetics as whether or not a project works <br />economically. Johnson reported that median rents in <br />this area are $8 to $10 per square foot for office <br />space. To support higher rents would require a demand <br />tenant like a clinic, for example. <br />Johnson suggested that the Council should be looking <br />for a developer who has the cash in the bank to build a <br />project. Johnson reported that they would do a mixed <br />use redevelopment project. They would want the City to <br />assemble the land. Johnson suggested that it may take <br />a year to get a retail development going. Office <br />development would be most difficult. Housing and hotel <br />development is based on feasibility. <br />Johnson suggested that a good place for a hotel <br />development would be abutting Round Lake. The lake is <br />6 <br />