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MINUTES <br />CITY COUNCIL <br />NOVEMBER 28, 2007 <br />The Administrator asked if the financing was in place to ensure that the <br />exterior improvements would be made to the building. Wagner stated that <br />as soon as 11,000 square feet is sold or leased they would have the <br />financial ability to make the exterior improvements. <br />The Administrator noted that there are concerns with the deferred <br />maintenance of this property. While the exterior improvements proposed <br />look great, he suggested that until those improvements can be made the <br />deferred maintenance needs to be addressed. <br />Wagner reported that it would be very expensive to paint the building. <br />The City Administrator noted that the faded Knox lettering has been <br />apparent on this building for the last several years. <br />Wagner stated that they do not want to paint the wood exterior portion of <br />the building if it will only be removed as part of their exterior <br />improvement plans. Wagner also reported that Drywall Supply will rent <br />the building back from them until next September. He noted that Midwest <br />Gymnastics would like time to market the property and line up buyers or <br />renters for the remaining space. Wagner indicated that Midwest would <br />like all the exterior improvements completed before they move into the <br />building on November 1, 2008. Wagner noted, however, that in this <br />market he cannot guarantee that the space will be filled within 10 months. <br />Keis pointed out that if the building is filled and the exterior <br />improvements made, everything will be great. Keis noted, however, if the <br />building is not filled for two to three years, the exterior could remain as it <br />is. <br />Wagner again noted that they will only have to fill 11,000 square feet in <br />order to do the exterior improvements. Wagner felt the exterior <br />improvements were not a matter of if, but when. He indicated that the <br />current economics do not allow those improvements to be done at this <br />time. Wagner pointed out to the Council the economics involved in <br />redeveloping a property. <br />Keis felt that there was a middle ground, and suggested that if the exterior <br />improvements cannot be done within six months, then there will need to <br />be exterior maintenance of the building. <br />Wagner indicated that it will cost $80,000 to redo the redwood top of the <br />building all the way around the building. Keis felt that a minimum the <br />property could be made to look presentable, cleaning up brush and taking <br />care of other maintenance that has not been done. Wagner indicated that <br />they do not have an open checkbook. <br />11 <br />