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MINUTES <br />CITY COUNCIL <br />MAY 14, 2008 <br />Sherman next reviewed The Village, the office building at the northeast <br />corner of Rice Street and Little Canada Road. Sherman reported that <br />3/4ths of the top floor has been leased to Nexstar. There are two <br />provisions in the Nexstar lease. The first is for the potential for Nexstar to <br />expand into the entire upper floor. The second is for Nexstar to purchase <br />the building. <br />Kost reported that Nexstar is planning out the rest of the upper floor, <br />therefore, he felt there was a strong potential that they would take the <br />entire upper floor. <br />Sherman reported that there has been some interest in the first floor. Kost <br />reported that he is in charge of leasing and reported that they have <br />expanded their search to a 3 to 4 mile radius. He also noted that they have <br />hired a cold call company to assist with leasing efforts. <br />Sherman and Kost reviewed the current leasing rates they are providing as <br />well as examples of some of the tenant improvements that they are willing <br />to undertake. It was felt that these rates are very competitive and are not <br />what is keeping additional tenants away. Kost reported that leasing <br />difficulties are common around the country given the economy. Kost <br />indicated that he felt the building would be a good location for a medical <br />office. He also indicated that should anyone have tenant suggestions, to <br />feel free to contact him. <br />Sherman then noted the two building pad sites to the north of The Village, <br />pointing out that development of these sites is part of his development <br />agreement obligation with the City. Sherman reported that he has asked <br />City staff to look at how the overall TIF district is performing and <br />determine if there is any potential to lower the guarantee requirements <br />given he has performed in terms of square footage and value, but the tax <br />rate has fallen. The City Administrator indicated that a preliminary review <br />shows there could be potential for additional assistance. The Finance <br />Director is currently doing additional analysis of the numbers. <br />Sherman reported that he has two potential tenants for these building pads. <br />The first is a Culvers Restaurant that is interest in the front pad along Rice <br />Street. Sherman presented a picture of the potential building design, <br />noting that this prototype eliminated the blue roof. Kost described a draft <br />site plan for the property noting the urban design as well as the patio area <br />in front of the building along Rice Street. The City's paver sidewalk <br />would be extended along the front of the building. <br />The user of the second building pad is a family-owned funeral home that <br />has been in business for many years. They would like to relocate their <br />