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MINUTES <br />CITY COUNCIL <br />API2iL 14, 1999 <br />Fahey noted that when Reiling and Drake purchased the property, they <br />were aware that the City was a competing bidder for the site for <br />redevelopment purposes. At that time the City made it clear to Reilin~ <br />and Drake that they were buying the property at the risk of the City <br />wanting a coordinated redevelopment of the area. <br />Drake indicated that there is a free market economy in the great United <br />States and if the City had wanted the property it should have bid more <br />money to ~et it. <br />Fahey replied that the City should pay fair market value for a property and <br />not beyond what reasonably would bear in the market. <br />Reiling stated that it was his understanding was that the City's intent was <br />to acquire the City and redevelop it for the tenants in the Rice Street/Little <br />Canada Road area who may be displaced. When these plans did not come <br />forward, Reiling indicated that he and Drake moved forward with their <br />own pians to develop the property. <br />Scalze agreed that that idea was tossed around, but never voted on by the <br />Council. She also pointed out that the intent was to redevelop the three <br />properties in questions given that two are too small to be redeveloped on <br />their own. Therefore, the City has to look at assembling these sites, and <br />that has been the long-term goal of the City. <br />Reiling stated that it was their intent to develop the area and indicated that <br />they have an agreement to purchase the Klein property. Paul Anderson <br />has also agreed verbally to sell his property to them as well. <br />Scalze indicated that Reiling and Drake are attempting to assemble three <br />parcels of property and redevelop it with four rather small buildings. <br />Drake felt this was preferable to a strip mall development. <br />Fahey stated that the City wants to see the properties combined and <br />redeveloped with a higher value building with more square footage and <br />more tax value. Fahey felt that this building should be coordinated in <br />appearance with the buildings across the street in order to make the entire <br />corner more attractive. <br />Scalze felt that redeveloping a site with four smali buildings seemed to be <br />a means of getting around the Code. <br />The Administrator felt it was important to note that the development plan <br />presented by Reiling and Drake on August 24, 1998 after their purchase of <br />