08-22-2007 Council Agenda - Laserfiche WebLink

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other responded in an incomplete fashion. In both cases, there does not appear to be any interest in selling to the City at this time. I will attempt to have direct conversation with the owners of each parcel in the near future to get a more accurate answer. Strip Malls on Little Canada Road: The most logical opportunity here is for a -face lift" on these properties. [n my opinion, the best approach would be to target the yet to be enacted Business Revolving Fund Loan program to these parcels. In doing so, I would suggest we meet with the owners to determine their interest level and then see if we can structure the program to accomplish our goals. We may need to increase the amount of City participation to generate their interest. The key aspect will be if the owners can generate a return on their investment, even with our low interest rate. Your comments on this approach would be appreciated. Trobec/Bordsen /Others (Rice Street Area) This project was initially proposed by John Mathews, but never got legs. This area definitely needs redevelopment, but we would need to formulate a plan. Parcels are available for sale on a voluntary basis at this time. The area would seem somewhat questionable as a retail area, but a light industrial project may make sense given the surrounded land uses. It may be possible to put together a number of parcels on a voluntary basis, but eminent domain is likely t achieve site assembly of the entire area contemplated by Mr. Mathews. This could be another site control /RFP possibility if we want to pursue it. Capitol View Site: This parcel looks more promising with the pending expansion on the adjacent site by St. Jude. The key here will be the scope of the project being large enough to recover the costs of site acquisition and demolition that are above market value for the raw land. It sounds like 916 may consider the sale under the right circumstances in the future (3 -5 years) so this is worth keeping on our radar. At this point, St. Jude has not expressed interest in the site. Bally's We just received notice last Friday that Bally's has filed for bankruptcy. Staff is not sure what this means for this property, but it bears watching. 2966 Arcade: This residential parcel has been a code enforcement site that Gordie Howe and others have looked at for possible development. There seems to be a problem between the current owners /partners as to who is in control of this site. They have been cited for numerous code violations. I have also been told that a foreclosure sale is in the works. The primary problem is the current owners paid too much for the site, especially given its access problems. If this matter does not resolve itself in the near future, we may want to see what role we can play in order to get it cleaned up. Your comments and direction on these and other possibilities is appreciated. - 4 -