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MINUTES <br />CITY COUNCiL <br />MAY 13, 1998 <br />Moarn felt that the retail space would rent a little higher and the balance of <br />the space would be at $13.50. <br />Scalze asked who requires that the property north of Little Canada Road <br />be included in the project. <br />Moarn replied that once Cinemark begins constructing the theater, the <br />development of the north site is simple. Moarn stated that he thought that <br />property was available so a plan was put together for the entire area. <br />Pedersen pointed out that there is no displacement issue to be concerned <br />witl~ ot~ the north site, so nothin3 is resolved by eliminating that property <br />from the redevelopment area. <br />Fahey }~ointed ouY that $13.50 to $15 rents would be difficult for existing <br />businesses to manage. <br />Moarn agreed it would be very difficult for the existin~ businesses to <br />move into that space. <br />LaValle again suggested that the buildin~ be condominiumized so that the <br />existing businesses could buy their own space. LaValle indicated that he <br />had talked to some developers who were interested in doing a project like <br />this. <br />Moarn pointed out that the building would have to meet the size and space <br />requirements of the existing businesses who would want to relocate into it. <br />These details 1nd firm commitments fi•om the existing businesses would <br />be needed before construction could begin on the building. <br />Fahey indicated tl~at what he liked about Re~al is that they were not <br />insisting that the north site be included in the project. Fahey pointed out <br />that the CiYy woald be displacing a lot of businesses with no guarantees. <br />Fahey stlted that he does not want to lose existing businesses, and would <br />want to place them somewhere else where they will survive. Retaining <br />these existing businesses should be the City's number one goal. <br />Moarn suggested that perhaps the City should move forward with a plan <br />for a buildin~ on the north side of Little Canada Road that can be designed <br />for the existing businesses, and the south side should be addressed as a <br />separate issue. <br />Fahey stated that tl~e existin~ businesses will want to be in substantially <br />they same position they are now from a financial standpoint after they <br />reloclte. They will also want the same type of space. <br />