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MINUTES <br />CITY COUNCIL <br />FEBRUARY 19~ 1997 <br />an amenity that no one else has. Senior housing <br />development with 50% of units at market rate may be <br />feasible. This housing would bring additional density <br />to the area. <br />Johnson indicated that redevelopment will happen if the <br />economics are worked out. Johnson stated that one of <br />their criteria is that they do not want any debt <br />service on the land. <br />Fahey pointed out the City's willingness to assist in <br />land acquisition. <br />Johnson indicated that he is not sure Lotus Realty fits <br />the City's program. He would want to sit down with <br />staff and find out how their firm can assist. Johnson <br />indicated that office buildings are a tough development <br />unless the developer specs the office building. <br />Johnson reported that his firm has had a lot of <br />experience in this area. However, the City has to have <br />patience since redevelopment does not occur over night. <br />Johnson reported that in his experience a combination <br />of restaurants with specialty retail seems to work. <br />Johnson pointed that there are a lot of renters in the <br />area, and renters tend to eat out more. An <br />entertainment destination would be feasible, and <br />entertainment attracts people to the core area. This <br />traffic will then support other businesses in the area. <br />Johnson presented some slides showing redevelopment <br />activity that Lotus Realty has been involved in. <br />Fahey asked if Little Canada's vision was feasible. <br />Johnson indicated that the housing component was <br />doable, a hotel might be workable, but that office <br />development would be tough. <br />Merriman indicated that with good planning, and taking <br />one step at a time, the redevelopment project will <br />work. However, it will take time and planning. <br />Merriman likened the redevelopment to fitting the <br />pieces of a puzzle together one at a time. <br />Johnson indicated that their forte is creativity. The <br />City has the right environment, good planning, and the <br />commitment. Johnson again indicated that office <br />development will be tough, entertainment may be <br />feasible, retail can work, and housing would work. <br />Johnson stated that a good hotel site would be adjacent <br />to Round Lake, shifting Little Canada Road further <br />north. Another hotel site would be at the intersection <br />7 <br />