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MINUTES <br />CITY COUNCIL <br />MAY 13, 1998 <br />still have to build the building. He also pointed out that an upgraded <br />building would mean more costs. <br />Fahey pointed out that the businesses which own their own buildings will <br />continue to want to own. Fahey suggested that a condominiumized <br />buildin~ would allow these businesses to own their own space. The <br />businesses could puY tl~eir equity into the new space so that the situation is <br />fair to the businesses and to the City. <br />Dick Boss, Tierney's Liquors, indicated that he does not want to sell. If <br />there are options to be considered, Tierney's does not know what they are <br />and does not know what they could get for their property. Boss felt that <br />even considering relocation costs, they would not be able to afford $15 per <br />square foot rents. Tierney's needs to know the numbers before they can <br />entertain the idea of sel(ing. Boss indicated that Tierney's would want to <br />own their own space. <br />Fahey suggested that there may be other sites in the City to relocate <br />existing businesses. Fahey stlted that he was not interested in paying a <br />premium price for any propeity. The City will have appraisals for each <br />property, and if there is a disagreement on value, then there are processes <br />in place for thaf. <br />Joe Vitale pointed out that the issue of redevelopment began to be <br />discussed five years ago. At that time it was known that the area could not <br />be redeveloped without displacing existing businesses. <br />Fahey indicated tl~at he felt the City needed to try to relocate existing <br />businesses. <br />Vitale feh that tliis could have been done a couple of years ago. Vitale <br />suggested that the City could have built a building into which the existing <br />businesses could be relocated. <br />The City Administrator reported that it is because of The Venetian Inn and <br />the other existing businesses that the Council is taking the position of <br />working with these businesses to relocation them without having to close <br />their doors for any extended period of time. Cinemark has indicated that <br />this will be a problem. The Administrator pointed out that no property <br />wiil be pw~chased until the City has a signed development agreement. <br />Vitale stated that he thought the City needed the site north of Little <br />Canlda Road in order f'or the numbeis to work. Fahey replied that he <br />thinks the City does need this site. Fahey suggested that the City could do <br />