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would have likely been higher. I informed him this was not residential property and that use <br />could not be reestablished without zoning approvals that were not likely to occur. <br />It now appears Mr. Franklin is contemplating the sale of his business to another entity. This <br />parcel could be part of that sale. I informed Mr. Franklin that the City would likely purchase <br />the property based on our agreement, but I would have to have Council approval before <br />proceeding. I would estimate the cost of the appraisal at $1,500 to $3,000 due to the <br />commercial use of this property. (Mr. Franklin stated he has an appraisal that was conducted <br />within the past few years, but he has yet to supply me with a copy.) <br />I believe we should acquire this parcel based on our long standing objective of achieving a <br />quality redevelopment project in this area. The only caveat to that goal is the need to combine <br />this land with Mr. Gagne's to achieve a significant site for redevelopment (the combined <br />parcels would yield a site of 4.55 acres.) It should also be noted that the clock continues to <br />tick on our redevelopment district. I believe we have about 10 years of increment collection <br />left (that would mean only eight years if a project were constructed today due to timing issues <br />in new construction hitting full valuation for property tax purposes. We also have some funds <br />built up in this district from the positive cash flows of other projects. <br />Therefore, it is my recommendation we proceed with the acquisition of this parcel subject to <br />Mr. Franklin agreeing that the valuation will be based on the commercial use and that he will <br />proceed to sale once a valuation is arrived at. <br />2 <br />