Agenda Packets - 2017/08/21 - Laserfiche WebLink

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Item 03 August 21, 2017 Page 3 The survey additionally asked residents what they would specifically like or dislike on this site (open question). Answers varied greatly. Often, what one person wanted, another did not. A common theme to the Bonestroo and Stantec studies is mixed-use. Referring to the development proposals, mixed use is proposed by Global and INH. INH’s proposal is specific to an indoor shooting range. Global’s three proposals (Option 1, 2, 3) are not tenant specific. Options 1 & 3 include mixed use buildings with residential over retail. Global has stated that if they are not able to fill retail space, it may be converted into residential. City Staff has discussed with Ramsey County access to the site. The County’s Access Management Policy recommends that driveways be setback a minimum of 660’ from an intersection. The south end of the property is about 500’ from the Co Rd H2 intersection with Mounds View Blvd, thus, it is unlikely that an access would be approved onto Mounds View Blvd. Access is likely to come from Edgewood Dr, and Co Rd H2. This has been communicated with the three developers, none of which have responded that the limited access would substantially change their proposals. However, it will affect the type and amount of retail/office. In comparing the three developer’s proposals to the Bonestroo and Stantec studies, it should be understood that the developers did not have the same benefit of time. Thus, the proposals do not include the same level of detail for landscaping, public amenities, and exterior materials compared to the two studies. If Councilmembers have expectations for specific amenities or appearances, the Council should express that to the chosen developer so that it may be incorporated into the next design phase. The anticipated development process is as follows: Fall 2017: City enters into predevelopment agreement with Developer. Fall/Winter 2017: Developer applies to re-zone property from B-3 to R-4 or Residential PUD if all residential, or to Mixed Use-PUD if residential/retail. Winter 2017: Developer applies for Preliminary Plat and Development Review. Winter/Spring 2017: Developer applies for TIF, if applicable. Spring/Summer 2018: Developer applies for Final Plat. Greenfield Ave is vacated. Property is sold by City to Developer. Fall 2018: Utilities are moved, construction begins. Fall/Winter 2019: Construction completed. LAND VALUE Attached, please find a chart showing: (1) assessed land values and City’s acquisition costs, (2) price scale per sq ft of land/buildings, and (3) comparable land values. The City purchased these properties (3.81 acres/165,963.6 sq ft excluding ROW) and demolished three buildings for the equivalent cost of $10.86 p/sq ft ($1.8 million). The second graphic on the attached chart shows a variable cost of $1 - $7 p/sq ft ($166,000 - $1.1 million). If the City Council vacates Greenfield Ave, this would add approximately