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MINUTES <br />CITY COUNCIL <br />FEBRUARY 20~ 1997 <br />demographics. While architecture is important to some <br />tenants, to others it is demographics. The other <br />alternative is for the City to put more dollars into <br />the project to offset the cost of architectural <br />treatments. <br />Pedersen asked about office space. Crockarell felt <br />office would work if it is done right. Garden-level, <br />two-story, small buildings would work. Crockarell <br />reported that they have done some market analysis and <br />there is an office market in this area, but it is more <br />office-showroom. Ester agreed that the market was for <br />smaller office buildings, individually owned. <br />Fahey pointed out that the City wants development which <br />is architecturally appealing and attractive. <br />Crockarell reported that the reality is that most <br />tenants will be willing to pay rents in the $10 to $15 <br />per square foot range. Construction costs and cost of <br />land are two factors. If the City assembles the land <br />at no cost to the developer, the City can have good <br />architecture and rental rates can be at the $10 per <br />square foot range. There is also a lot which can be <br />done with landscaping, trees, etc. Whatever is done, <br />Crockarell reported that Wall Companies would want to <br />do the very best it can for the dollars. They are not <br />looking to do a project that is less than the best. <br />Ester reported that there are things which can be done <br />to get good architecture, but still keep costs done. <br />For example, there are different types of brick, <br />utility brick and a smaller brick. The use of the <br />utility brick can have a dramatic cost-savings effect <br />on the project. Ester agreed that Wall Companies would <br />want to provide the absolute best quality it can, and <br />would work with the City on these issues. <br />The Administrator asked what Wall Companies paid for <br />the land in White Bear Lake. Ester replied that they <br />paid approximately $3 per square foot, and it cost the <br />city approximately $7 per square foot to assemble it. <br />Ester also reported that Wall Companies hangs in on a <br />project and gets the job done. <br />Fahey asked if there would be a conflict with the White <br />Bear Lake project. <br />Ester replied that Wall Companies sees no conflict at <br />all. They will give 110 percent to any project they <br />are working on. And it is tenants who make the <br />6 <br />