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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little- canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: August 23, 2002 <br />RE: DeLonais Property Update <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />Mark Ruff has been out of town since Wednesday. He provided me with a draft copy of a report <br />dealing with the financial issues associated with the Rice Street /Little Canada Road <br />Redevelopment project. However, I have a number of questions regarding its content that I will <br />not be able to review with Mr. Ruff until Monday. Therefore, I will present his report at <br />Wednesday's meeting together with a recommendation on the acquisition of the DeLonais <br />property. <br />As we discussed at our Last meeting, our development agreement Towne & Country Center <br />required them to construct a new building of at least 10,000 square feet by November 1, 2001. <br />Their failure to comply would allow us to take the building back at a cost not to exceed <br />$375,000. They would Like us to purchase the DeLonais site and the excess parking lot site at a <br />price of $600,000. (Their proposal would also require us to factor in the cost of special <br />assessment for Market Place Drive that will likely occur next year.) <br />Staff will be prepared to discuss this concept in greater detail at Wednesday's meeting. <br />cc: Mark Ruff, Ehlers & Associates <br />