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appraisal completed in January 2007. Councilmember Carlson had a concern that the city <br />was discounting the property and that this could be considered a subsidy. <br />Lastly, Anderson Builders is requesting this dual track effort based on timing, site <br />approvals, purchase agreements with other landowners, and timing requirements of <br />potential tenants. Anderson Builders is concerned that additional timing issues will arise <br />upon completion of the feasibility study and onset of negotiations over assessments of the <br />various properties that will further delay construction of Phase I into next year. <br />Continuing with the dual track effort guarantees the city a certain type and quality of <br />development on the city property on Lake Drive, and ensures that the city will be able to <br />purchase a significant portion of the right -of -way to realign 77th Street at a price not to <br />exceed $12 /sq. ft. in the future if it elects to do so. <br />Requested Council Direction <br />These items were tabled to the August 13, 2007 council agenda. Council is requested to <br />provide any additional direction to staff regarding the proposal. <br />Attachment(s) <br />1. Memo from Steve Bubul <br />2. Parcel Map <br />3. Concept Plan <br />2 <br />• <br />• <br />