04-11-2012 Council Agenda - Laserfiche WebLink

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e) If a restaurant is part of the development package, it needs to be developed as a self supporting entity. It does not need to be directly connected to the hotel, but it is an advantage to have one in close proximity. t) If meeting rooms are part of the project, then food preparation needs to be on- site. g) A hotel can pay about $10 per square foot for the land. h) Nexstar, the new tenant in The Village of Little Canada, has expressed a strong interest in having a hotel in Little Canada, especially if they were to utilize the entire building (26,000 square feet). i) Mr. Sherman feels that the expansion of St. Jude Medical, Inc. also helps create strong demand for a hotel in Little Canada. (He would like to explore this in greater detail to see what type of lodging commitments may be possible.) j) Mr. Sherman feels that a hotel needs to have exposure to one of the major thoroughfares in our city (35E, 694, or 36). Rice Street, except near 694 or 36 is not visible enough. It only has to be "reasonably accessible" versus being right on an interchange. Mr. Sherman noted that driving two miles off the interchange would exceed that threshold. Here is a summary of the eight sites: Site #1— Rice & Dement Involves six parcels with a size of 3.5 acres and an estimated market value of $1,41 2,200 per County tax records. Nice redevelopment potential in terms of combining underutilized parcels of mixed use, but location probably inadequate in terns of visibility to a major thorough fare. Site #2 — Fortner Delonais property in the Rice /LC Road Redevelopment Area Involves two parcels already owned by the City. Size is 1.61 acres and their total EMV is $776,300. Again, will not meet visibility objectives expressed by Mr. Sherman. (I did specifically ask him about this area, and he did not feel it was the right site.) Site #3 — Viking Drive east of Rice Street Involves three parcels under different ownership totaling 2.37 acres with an EMV of $891,600. May be able to add additional land, but topography changes will also be a factor. Site #4 - LC Road /Centerville Road Involves six parcels with four separate owners. Size is 1.62 acres without including Racine Drive. EMV is $967,300. Site #5 — Country Drive Redevelopment Area Already in TIF District. Six parcels with four owners. City is one of the owners and has three of the parcels. Depending on the Franklin issue to be discussed later in the agenda, we would end up with four of them. Total EMV is $979,600. Probably the best site due to size and visibility. Key issue is Don Gagne's willingness to participate. 19