Laserfiche WebLink
r I LE No. 786 10/19 '00 13:16 I D JOLD DEVELOPMENT 612 278 7574 _ s� <br /> TLD O <br /> DEVELOPMENT COMPANY <br /> October 19, 2000 <br /> Mr. Michael Mornson <br /> City Manager <br /> Saint Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418-1699 <br /> Re: Proposed Walgreens Development <br /> Northwest Comer of 37`h Avenue & Silver Lake Road <br /> Tax Increment Financing Assistance <br /> Dear Mr. Mornson: <br /> The intent of this letter is to briefly describe our proposed Walgreens development at the <br /> northwest corner of Silver Lake Road and 37`h Avenue, and explain why we are hoping <br /> • vrc can rely on some level of tax increment assistance from the .City o!St. Anthony. <br /> In short, our project would involve the demolition of tile existing Amoco gas station and <br /> car wash buildings, along with the combination of the approximately 265 easterly feet of <br /> the adjacent property owned by Ken Solie of Village Properties. We would then <br /> construct a 14,490 square foot building that would be leased by Walgreen Company for a <br /> minimum_period of twenty-five years. (A more detailed description of the project is <br /> enclosed) <br /> We have binding purchase agreements signed with both BP-Amoco and Mr. Solic, and <br /> have Walgreens' commitment to the project. Provided we can obtain the required <br /> governmental approvals, and develop the store at a cost that is in line with our <br /> expectations, there is nothing that would keep this project from becoming a reality. <br /> Although we expected certain challenges with redeveloping the property,our due <br /> diligence process has made Lis aware of several site conditions that are forcing the cost of <br /> redevelopment to be far more than we had anticipated. Specifically, the costs associated <br /> with demolition and environmental clean-up ofthe Amoco, along with filling the site and . <br /> taking the necessary measures to contend with Elie environmental and geotechnical <br /> aspects of the vacant parcel have accelerated our redevelopment costs well beyond our <br /> expectations. <br /> As I understand it, the vacant parcel owned by Village Properties may have been used by <br /> • the City as a dump site in the 1950's. in any case, the soils on the property are not <br /> MiNti POUS-MILWAUKEE <br /> 6385 Old Shady Oak Road.Suite 120 Eden Prairie,MN 55344-(052)278.9000 Fax(952)278.7574 <br />