05-08-1996 Council Agenda - Laserfiche WebLink

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(4,1* Sate Ceareack 515 Little Canada Road, Little Canada, MN 55117 -1600 (612) 484 -2177 / FAX: (612) 484 -4538 MEMORANDUM MAYOR Michael I. Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morelan Bob Pedersen ADMINISTRATOR Joel R. Hanson TO: Mayor Fahey & Members of the City Council FROM: Joel Hanson, City Administrator DATE: May 3, 1996 RE: Rice Street /Little Canada Road RFP Action Steps Pursuant to the Council workshop help April 30, 1996, this memo is documenting the action steps needed to move us toward a request for proposals for redevelopment of property in Rice Street /Little Canada Road area. Key considerations which must be kept in mind if we are to proceed with an RFP are: * The City will need to be involved to make this project feasible. * Site control is essential in attracting developers. * Financial implications of the deal must be known from both the City's and the developer's perspective. * Options to purchase (versus up front purchases) should be obtained to minimize risk to the City. * The City Council should be unanimous in its vision for this area and desire to take the lead in redevelopment efforts. As was discussed at the workshop, the City needs to minimize variables in order to make this area attractive to prospective developers. Two key variables that need to be addressed are site control and the financial impact of our streetscape program. The streetscape item is being addressed on another front. Therefore, site control becomes the primary concern at this time. Here are the action steps that need to be taken to address the site control issue: * Initiate introductory discussions with affected property owners to determine their interest in cooperating with the City. Specifically, would they be interested in granting the City an option to purchase their property for an 18 to 24 month period with the purchase price to be established at the on -set of the option agreement? * Obtain appraisals of the property in question. (Guerin property, Budget Power, Venetian Inn, Earl Cardinal, Sherman Rutzik, Page 26