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EHLERS _A0 & ASSOCIATES INC' OTo:' Mike Morrison, City Manager From: Jim Prosser, Financial Advisor W Subject: Kenzie Terrace Redevelopment Process Options Date: December 14, 2001 St. Anthony Village has requested an evaluation of options for redevelopment of the City owned parcels in the Kenzie Terrace area. These parcels include the Stonehouse, SAV Liquor Store One,the Fire Station and the former Custom Liquidators building. The redevelopment potential of the city owned parcels was evaluated by several developers and professional planner, Don Brauer. The conclusion of this evaluation was that redevelopment of the City owned sites would be relatively difficult from a planning and financial perspective. Increasing the size of the redevelopment area to include the shopping center and the gas station was recommended for the following reasons: 1. The city owned sites,.by themselves,are too small to attract interest from qualified ® developers. 2. The physical arrangement of the site limits development potential. 3. The current state of the adjoining shopping center limits market interest for the City owned sites. 4. There is strong market interest in a site that would include the City owned parcels and the shopping center/gas station for residential mixed use: 5. Concept site plans were prepared to assess financial feasibility for site redevelopment of the combined sites. The concepts demonstrated financial feasibility for redevelopment. Based on these findings it is recommended that the City implement a process to further evaluate redevelopment of a the site including City owned parcels, the shopping center and the gas station. The suggested process would include the following elements: • LEADERS IN PUBLIC FINANCE 3060 Centre Pointe Drive 651.697.8503 fax 651.697.8555 Roseville, MN 55113-1105 -.fax