02-24-1999 Council Agenda - Laserfiche WebLink

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Country Drive I have had recent inquiries regarding development possibilities for the Country Drive area. While our focus has been on Rice Street/Little Canada Road, I believe we need to become aggressive with this site as well given the decreasing financial feasibility of recovering acquisition costs. This is caused by compressed class rates imposed by the Legislature and decreasing availability of years to collect tax increments (16 years of life remaining in the district and 14 years for increment collection). I have had discussions with a couple of brokers who would market this property for us. Under separate cover is a marketing proposal received from Colliers /Towle Real Estate Company for this site. They are proposing a broker's commission of 7% with no co- broker (9% with a co- broker), and a one -year listing agreement. I have also talked with Mr. John Ryden of C.B. Richard Ellis, who has indicated he would undertake a similar venture with a fee of 10% allowing for co- brokering. The key to this endeavor lies in our commitment to assemble the sites to achieve redevelopment. There are some properties that could pose difficulties in terms of our asking price versus the appraised value generated for the property. Eminent domain may be necessary if we are to achieve the overall objective of redevelopment of this area. I would suggest we hold a workshop meeting to explore this topic in greater detail. While the final course of action is subject to further discussion and modification, I feel we need to get moving as soon as possible. Goodyear Update The developers are working on site acquisition. We have since learned there is a purchase agreement on the Klein property. Mr. Terry Lappin is proposing to construct a take - out/delivery pizza establishment from a 2,000 square foot building. He will be in during the April planning cycle seeking a conditional use permit for this concept. He also has informed me he will continue discussions with Perry Linn regarding possible inclusion in the Goodyear project. cc: Rusty Fifield Gary Collyard Sherm Rutzick Jerry Hertel Rich Ragetz John Ryden Terry Lappin Perry Linn Page 22