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other housing districts (Presbyterian Homes) to assist the project, and the ability to <br />generate positive redevelopment in this area. <br />I have discussed this concept with Mr. Mark Sather, City Manager of White Bear Lake, <br />(White Bear Lake owns /operates a senior housing complex). He spoke very highly of <br />their experience with this type of project. He also indicated that current economic <br />conditions (low interest rates and potential slow down in construction activity) could <br />make this a very good time to undertake this type of project. In fact, they are <br />contemplating another project for their community. They contract out building <br />management /operations to a company experienced in this business. He also indicated <br />that they felt comfortable undertaking this type of project without the assistance of a <br />specialized consultant. <br />I have also discussed this matter with Rusty Fifield of Ehlers & Associates. They have <br />been involved in a number of these projects in various metropolitan communities. He <br />also felt it could be a workable concept for our redevelopment area. <br />There are a number of steps we would have to take to fully evaluate this possibility. <br />They are as follows: <br />• I would recommending obtaining an option on the Venetian Inn property to ensure a <br />site would exist for this type of project. In order to minimize uncertainty with the <br />Venetian Inn, I would recommend this option be of short duration (2 to 3 months). <br />We would have to gauge their interest in working with us in this regard. <br />♦ We need to engage Ehlers & Associates to prepare the financial feasibility study for <br />this project. I would recommend we authorize them to do so at Wednesday's <br />meeting. I will have an estimate of the cost of this study by Wednesday night. <br />• We would need to commission a market analysis for additional senior housing <br />(Maxfield Research is a company well regarded in this area). I would recommend we <br />do this after we have received the financial analysis to ensure the concept does make <br />sense. <br />I am also attempting to obtain some photographs of similar projects in the Metro area for <br />your review. I hope to have these by Wednesday night. If you have any comments or <br />questions in the meantime, please let me know. <br />cc: Rusty Fifield <br />Joe Vitale <br />PAGE 123 <br />