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.I . R .A. N.E-TI?%'G <br /> 2 JUKE 23 , 1992 • <br /> 3 PAGE 4 <br /> 4 <br /> 5 <br /> 6 7 . OLD CLARK. STATION REDEVELOPMENT <br /> 7 <br /> 8 Mr . Fisher , owner of the Old Clark Station property , met with <br /> 9 the City Manager and the City Attorney . He was advised that <br /> 10 the preliminary soil tests indicated there is ground <br /> 11 contamination on the property . The complete area of <br /> 12 contamination is yet to be determined . <br /> 13 <br /> 14 Mr . Fisher is aware he is responsible to clean up the <br /> 15 contamination before any sale of the property can take place . <br /> 16 He was also advised that financial assistance is available to <br /> 17 him from the Petroleum Fund of the State . <br /> 18 <br /> 19 He is still interested in selling the property. The City <br /> 20 Attorney advised Mr . Fisher that the City will pursue a <br /> 21 developer for the property and will facilitate the purchase of <br /> 22 the property from him by a developer . The City will not be on <br /> 23 record as the owner of the site during any of the proceedings . <br /> 24 <br /> 25 <br /> 26 The City Manager has been in contact with a developer who is <br /> 27 interested in purchasing the site . He noted that a three-plex • <br /> 28 could possibly be built on this site if the parcel to the <br /> 29 north were included in the package . <br /> 30 <br /> 31 The H.R .A. ' s role will be to provide financial assistance to <br /> 32 the developer purchasing the site with controls on the <br /> 33 development and design of future construction on the site . <br /> 34 <br /> 35 The developer stated that if there is contamination on the <br /> 36 site financing would be very difficult to secure for possibly <br /> 37 five years . <br /> 38 <br /> 39 The City Attorney has contacted Mr . Derck Amerman regarding <br /> 40 the City ' s proposed purchase of his property at 3309 Stinson <br /> 41 Boulevard . This property is adjacent to the Old Clark Station <br /> 42 property . <br /> 43 <br /> 44 Mr . Amerman indicated he is not interested in selling his <br /> 45 property at this time . His main concern with the sale was the <br /> 46 tax consequences to him of the capital gain . The City Attorney <br /> 47 advised that the gain could be deferred if he were to buy <br /> 48 another rental property within a period of three years . <br /> 49 <br /> 50 Mr . Amerman still prefers not to sell but would sell if the <br /> 51 City needed the property . The assessed value placed on the <br /> 52 property and the duplex for 1992 was $84 , 000 . Mr . Amerman will <br /> 53 seek another appraisal . • <br /> 54 <br />