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Mayor & City Council <br />November 6, 1998 <br />Page 2 <br />the revised appraisal of $360,000). It also appears the tenants in this building will be locating to <br />the former Champion Auto site owned by All American Recreation. <br />Sherman Rutzik has indicated he wants to make a proposal for development of his property. It is <br />likely he will propose some type of senior housing project. I have made no assurances to him. I <br />have stated that he is welcome to make whatever proposal he feels is necessary from his <br />standpoint. <br />I was involved in a conference call with another theater group who had expressed interest in this <br />site. However, their interest was of the nature that would make this project even more difficult <br />to do. Specifically, they would be looking at having a building provided for them and paying a <br />minimal lease amount. They would be "willing to operate" the theater. This would add <br />significant costs to our development program with minimal return being generated by the theater <br />itself. They may provide us with additional information, but I am not hopeful this will lead <br />anywhere. <br />Solicitations will be going out to the other theater groups in the next couple of days. There is a <br />listing of the top 50 theater operations in the United States and we will send out our solicitation <br />to those we have not previously contacted. <br />In an unrelated matter, Mary Alden of Lakeside Apartments has informed me that their property <br />will have a new owner in mid - January. The new owner is Bigos Investments. This company <br />owns 37 properties in the Twin Cities area. Mary informed me she is very impressed by the way <br />they operate and anticipates improvements to the property in the near future. She also indicated <br />that the new owner will be paying close attention to the redevelopment project and its impact on <br />their property. <br />Should any other noteworthy items occur before Tuesday's meeting, I will advise you at that <br />time. Should you have any comments or questions in the meantime, please let me know. <br />JRH:kpv <br />cc: Bob Grootwassink <br />Chris Moarn <br />Sherman Rutzik <br />Page 25 <br />