Laserfiche WebLink
515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little-eanada.mn.us <br />TO: <br />FROM: <br />DATE: <br />RE: <br />MEMORANDUM <br />Mayor Biesener & Members of the City Council <br />Joel Hanson, City Administrator <br />January 25, 2006 <br />County Road B Property Sale <br />MAYOR <br />Bill Biesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />ADMINISTRATOR <br />Joel R. Hanson <br />Here is the updated information regarding the offers on our County Road B site that is for sale. <br />The revised comparison is as follows: <br />Coatney <br />Purchase Price $395,000 <br />Earnest Money $10,000 <br />Proposed Use Six Office /Whse Condos <br />Square Footage 15,000 <br />Office Percentage (1) 25% <br />Zoning Compliance Yes <br />Outdoor Storage Yes - Pursuant to BW Provisions <br />Access to Lift Station Yes <br />Ponding On -site <br />Front of Bldg Exposure Hwy 36 <br />Signage Monument Facing 36 <br />TOPC <br />$397,500 <br />$25,000 <br />Owner Occ. Office /Whse <br />22,000 <br />23% <br />Yes <br />None Shown <br />Yes <br />Off -site <br />Hwy 36 <br />Monument Facing B & <br />Building Signage Facing 36 <br />DaVern <br />$400,000 <br />$10,000 <br />44 Assisted Living Units <br />17,200 per floor X 2 <br />N/A <br />No — Needs Rezoning <br />None <br />Yes <br />On -Site <br />Southwest <br />Monument Facing 36 <br />As you will note from the above summary, increases in purchase offers have occurred from <br />Coatney and TOPC in the amounts of $10,000 and $12,500 respectively. The DaVem proposal <br />warrants a higher price for senior, multi - fancily. 1 made them aware of this factor and no <br />response has been received in this regard. <br />Another issue of concern with the DaVem proposal involved the potential that the project could <br />go tax - exempt at sometime in the future. A letter was received from the Developer indicated that <br />they are a "for- profit" organization and are willing to commit to the property remaining taxable. <br />We could also memorialize that fact with deed restriction and payment in lieu of taxes (PILOT) <br />agreements. but the enforceability of those provisions for an indefinite time into the future. <br />-1- <br />