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ice+ t' 29474 cxeezneak <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: March 5, 1999 <br />RE: Rice Street /Little Canada Road Redevelopment Update <br />Here is a status of Rice Street Redevelopment activities: <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />♦ Theatre Project Update — A theatre group is continuing to express interest in our site, but <br />a definite decision has not yet been made. In talking with one of their principles, he <br />informed me that he will now be working out proposed lease arrangements with the <br />development team. They will present it to their Board of Directors the weekend of March <br />l3°'. If acceptable, they would want to be locking in commitments before the end of <br />April. Ideally, they would like a theatre to open in November, but May of 2000 is more <br />likely. I have put a call into the developer. It appears essential to me that we (City and <br />development team) meet to review parameters of the deal to ensure it has a realistic <br />chance of occurring. <br />♦ Rutzik Development Proposal — Mr. Rutzik has been out of town and I have not had any <br />conversations with him over the past two weeks. The key concern with this project <br />would be the financial viability. Based on some preliminary estimates, it appears that the <br />assistance desired is virtually twice as much as the revenue the TIF District appears to be <br />able to generate given the development proposed. I am assuming I will talk with Mr. <br />Rutzik early during the week of March 811' to see where this project is at. <br />• Good Year Auto Center — Perry Linn has been out of town the past week so I have not <br />had direct conversation with him. However, it appears that this project is in jeopardy. <br />My assumptions are that there is some difficulty in assembling the site desired and <br />addressing the finances. I will attempt to confirm that with Mr. Linn prior to <br />Wednesday's meeting. <br />• Council Member Pedersen's Comments for South Side Development — As you know, <br />Council Member Pedersen has suggested we evaluate development possibilities for the <br />south site on the Rice Street /Little Canada Road area. He suggested that some form of <br />housing may be the more realistic objective while still leaving enough commercial space <br />Page 25 <br />