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MINUTES <br />CITY COUNCIL <br />FEBRUARY 25, 1998 <br />The Administrator indicated that the key is the build out and valuation that <br />are necessary to support the redevelopment. The City can put together a <br />drawing that shows boxes on a piece of paper, but it is the valuation that is <br />the key. <br />Hart indicated that once the decision is made on which properties are <br />involved, it should be up to the developer to put together a site plan. That <br />site plan would require approval by the City. <br />Fahey pointed outthat Rusty Fifield can lay outthe necessary value and <br />the site can be identified. Based on this information, the price of the land <br />can be determined. <br />The Administrator reported that the City has already determined that <br />180,000 square foot development will require land prices at $4.50 per <br />square foot. The Administrator pointed out that as development of the site <br />changes, values will chan~e. If the bank site is included and existing <br />roads are eliminated, additional dollars will be added to the equation. This <br />could raise the price of the land to $5.00 per square foot. The City needs <br />to know from Cinemark what they would build. The Administrator <br />indicated that the City is at the point where work on the Development <br />Agreement needs to begin. The price of the land needs to be determined, <br />and redevelopment should proceed on a"pay as you go basis". This will <br />require Cinemark to front the money for the land and shows their <br />commitment to the project. <br />Fahey stated that he felt the City could take the site usin~ the 180,000 <br />square feet of development that is needed to make the project work. Of <br />that amount, 50,000 square feet of retail and 50,000 square feet of office <br />can be shown on the site plan or some other equivalent. <br />The Administrator stated that the City can tell Cinemark it wants 50,000 <br />square feet of o~ce, but they may not be willing to develop that much <br />office. The market will be a deciding factor on what will be built. <br />Fahey suggested that then the City tells Cinemark that it will talk with <br />another developer. <br />Hart asked why the City cared how much office was built as lon~ as the <br />valuation was there. <br />Morelan felt that a site plan based on assumptions would be meanin~;less. <br />Morelan felt that Wise needed to put together the site plan. Morelan <br />