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Item 03 <br />August 21, 2017 <br />Page 4 <br /> <br />15,840 sq ft for a project total size of 181,803 sq ft (4.17 acres). Staff recommends a <br />selling price of $6 p/sq ft ($1,090,818) to $6.601 p/s aft ($1,200,000). The Beard Group <br />and other previous developers preliminarily agreed to pay $1.2 mill for all three parcels. <br />The type of development could change the value of the land. <br /> <br /> <br />Recommendation: <br />Staff requests that the City Council consider each developer’s proposal, ask questions, and <br />choose a preferred development team (by consensus), OR continue the discussion at a <br />future meeting if more information is needed. <br /> <br />Staff recommends a land sale price of $6.6 p/sq ft ($1,200,000) then negotiating to $6 p/sq <br />ft ($1,090,818.00), depending on the TIF run and public subsidy requirements. To <br />determine a more accurate price, a formal appraisal and survey would need to be <br />completed. <br /> <br />Once a developer has been chosen, the next step is to enter into a preliminary <br />development agreement. Staff will work with the City Attorney and developer and <br />present the agreement at a future regular Council meeting. <br /> <br />Respectfully submitted, <br /> <br /> <br />____________________ ____________________ <br />Brian Beeman, MPA Jon Sevald, AICP <br />Business Development Coordinator Planner <br /> <br />ATTACHMENTS <br />1. Chart comparing the three development proposals <br />2. Dominium presentation, May 1, 2017 presentation <br /> Global Real Estate / Kraus-Anderson, July 17, 2017 presentation1 <br /> INH Properties, July 17, 2017 presentation <br />3. Chart of comparable land values <br /> <br />1 Global Real Estate presented two options at the July 17th Work Session, and has added a third option.