02-11-1998 Council Agenda - Laserfiche WebLink

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cCJ4 ydeaJ TGJC/JZa 515 Little Canada Road, Little Canada, MN 55117 -1600 (612) 484 -2177 / FAX: (612) 484 -4538 MEMORANDUM TO: Mayor Fahey & Members of the City Council FROM: Joel Hanson, City Administrator DATE: February 6, 1998 RE: Rice Street/Little Canada Road Redevelopment Workshop MAYOR Michael I. Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morelan Bob Pedersen ADMINISTRATOR Joel R. Hanson Attached is the information generated since our last workshop. The first item is a summary of the detailed analysis Rusty Fifield had done on the development. It was placed in the format desired by Kim Wise. These numbers are based on a class rate of 3%. The next piece of information is a south side analysis based on Mayor Fahey's request. You will note that given the development proposed, land would have to sell at $9 per square foot and we still have not accounted for infrastructure costs. Needless to say, the amount of development proposed on Mr. Wise's plan is inadequate to justify the take -down of that site. It is also important to remember that the plan was very preliminary and probably not appropriate to make a final judgment about site assembly until we see more detailed information. I have not talked to Mr. Wise since last Friday. At that time, he was coming back into Dallas and was going to review our information and get back to me. Mayor Fahey did talk to him on Thursday, February 5, 1998. He apparently indicated that the south side concept layout we forwarded to him does not work because the site is approximately 100 feet too narrow. He also indicated to Mayor Fahey that he will be conducting a more thorough analysis of the financial information and will call me on Monday, February 9, 1998 to discuss this in greater detail. Until that time, I have no other information to report. If you have any comments or questions in the meantime, please let me know. JRH:kpv Page 1