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MINUTES <br />CITY COUNCIL <br />DECEMBER 20, 1995 <br />Fahey reported that as part of the creative financing <br />being provided by the City for the purchase of the <br />Market Place, the property owners will be putting in <br />$200,000 of enhancements to make the building more <br />aesthetically pleasing. Another $300,000 will be spent <br />on a new roof and other internal improvements. <br />Fahey noted that the City will net between $150,000 and <br />$190,000 from this transaction. That money will be <br />used to finance other future redevelopment projects. <br />Fahey also indicated that the City's loan to the <br />purchaser is secured by a mortgage as well as the <br />owner's personal guarantees. The leases provided <br />additional security and run beyond the timeframe for <br />when the loan is to be repaid. <br />Bob Grootwassink, one of the purchasers, reported that <br />the shopping center is 82% leased at this point. It <br />was noted that the closing on the property will occur <br />next Wednesday. <br />Morelan asked about the fact that Rainbow continues to <br />hold a lease on their former space. Morelan indicated <br />that he heard rumors that Rainbow continues to hold <br />this lease in order to keep the location dark and <br />attract customers to their new store. <br />Grootwassink replied that there is some truth to that, <br />but also pointed out that Rainbow is still moving <br />merchandise and equipment from the space. <br />Fahey noted that tonight the Council is being asked to <br />approve architectural design guidelines which will be <br />applied to redevelopment of the Rice Street /Little <br />Canada Road area. <br />Pedersen asked if SuperValu will use the same layout <br />that Rainbow did. <br />Grootwassink replied that the layout will be basically <br />the same. The west end will opened up somewhat and <br />public restrooms will be added. There will be a <br />florist in the southeast corner of the space. <br />The City Administrator noted that while the layout will <br />be the same, SuperValu is planning substantial upgrades <br />for the space. Grootwassink reported that they are <br />planning $30 per square foot in internal fixture, <br />layout, and lighting improvements. <br />CUP FOR PUD Fahey opened the Public Hearing to consider the <br />Page 2 <br />