03/16/1998 Council Minutes - Laserfiche WebLink

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MINUTES MARCH 16, 1998 John noted that there were no clear-cut proposals on how to split the payment of bonding costs and non-bonding costs. He noted that the cost of bonding is the lowest its been in 25 years. Is that a reason to bond more than the City normally would? VILLAGE DEVELOPMENT, BRIAN WESSEL (SCHEDULE B) Brian explained that the Village is designed to pay for itself. He outlined the portions of the Village purchased by the City from Glenn Rehbein and the portion purchased from the Funkhausers. He also outlined the 25 acre parcel of Park Reserve that will come to the City via a land exchange with Anoka County. He noted that the City can only use 14.72 acres and the remaining portion of this parcel will be used by Anoka County to house a trailhead lodge and trail. Brian noted that the land exchange will be finalized after the final hearing concerning the Ed Vaughan property. He also noted that even if the Vaughan property portion of the situation is not finalized soon, Anoka County has guaranteed clear title to the property by April 15, 1998. He noted that the Rehbein property was purchased by a contract for deed and will be paid in the year 2002. The Funkhauser property was purchased in late 1997 and will be paid late in the year 2002. The development of the Village planned in phases as follows: Phase I, the Fairview Clinic was constructed in 1997 and dedicated in March, 1998. Phase II, the government buildings will be constructed in 1998 and completed in 1999. Phase III, the YMCA will begin construction in 1999. Mary Divine presented a fact sheet regarding the Village development, Phases I and II. She noted that the development of the Tagg property is still undecided. Andy asked if the Taggs know that there property is to be included in the Village development. Brian said yes and noted that the development of the City owned property is making the Tagg property all the more valuable. Andy asked if it would be wise to buy the Tagg property at this time. Brian said yes if the price is right. Brian explained that the clinic had paid $2.50 per square foot for their building site and the bank paid $5.00 per square foot for their building site. John said it appeared to him that the Tagg property would develop in phases. He felt the land closest to the highway was the most valuable. John asked if this happens, how far could development go before the City says the Tagg business can no longer stay. Brian explained that the Taggs want to sell their property all in one piece. He felt that the majority of the property would be housing. The Taggs have approximately 25 acres. Kim asked will the Village pay for itself. Brian said it would pay for all of the land acquisition costs plus some "soft" costs. CIVIC COMPLEX, BRIAN WESSEL Brian provided a schedule that indicated that the civic complex would be completed in mid 1999. Andy asked why the Police building and the Early Childhood Learning Center couldn't all be built together. Brian said that the foundation of all three (3) buildings PAGE 2