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01-11-1989 Council Agenda
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01-11-1989 Council Agenda
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David D. Bell, D.W. Hutt Consultants, Inc, St. Cloud, MN <br />(253 -5400) <br />Mr. Bell is assembling projects for Arkell Development. Mr. <br />Arkell has had financial problems this past year with his <br />involvement in the Metro Square Building and others. Any project <br />built in Little Canada would be in someone else's name. Despite <br />Mr. Arkell's past financial condition, they seem the most eager <br />to pursue a project in Little Canada. <br />Over a year ago I reviewed one of Arkell's proposals in another <br />community that I was not able to favorably recommend. The <br />developer fees appeared to exceed the equity in the project. <br />They have assured me that they have restructured their project. <br />They provided us with a pro forma to review. They were very <br />eager for my comments on the pro forma and were willing to make <br />whatever changes seemed reasonable. I told them that I would not <br />review the pro forma until directed to do so by yourself. <br />They are also eager to present their proposal to the Economic <br />Development Committee. He too was seeking a 100% return of the <br />TIF. <br />If you would like us to pursue any of these developments, please <br />advise. <br />PACE -21- <br />
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