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• <br />• <br />ws -a, <br />4. While this proposal does not show 77th Street closed, it could provide an <br />opportunity to do so, eliminating this right - in/right -out onto Lake Drive. <br />Alternative Development Costs <br />Costs of acquiring both sites make the project economically unfeasible for this developer. <br />According to the initial pro forma, it would take $500,000 in TIF assistance. An initial <br />TIF analysis determined it would require 10 years of TIF. <br />Council Direction <br />Staff is seeking Council direction in regards to whether the benefits gained from <br />providing an established roadway, redeveloping the Vacha property, and providing <br />additional commercial tax base that meets the objectives of the Comprehensive Plan <br />outweighs 10 years of foregoing the new taxes. If the Council does not wish to proceed <br />with this alternative, the developer will continue to pursue the first option of developing <br />only the Schwan's site. <br />