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Mike Morrison <br /> Kenzie Terrace Redevelopment <br /> June 17, 2002 <br /> Page 3 <br /> Larry Beach Construction <br /> 1. Larry Beach Construction proposal would not be able to incorporate the additional <br /> land that LaNel currently owns into the development. <br /> 2. Development will require six (6) curb cuts on Kenzie Terrace. <br /> 3. Design is a typical suburban town home development that is a garage-forward, slab- <br /> on-grade. <br /> 4. Larry Beach Construction proposes to pay $136,000 for land, or $17,000/unit, which <br /> is at the lower end for developments of this type (only 7% of sales price). <br /> 5. Concern that sales price per square foot may be outside the market ($180 sq/ft). <br /> Recor endation: <br /> Both of the developments that were submitted were quality developments and either one would <br /> be a positive addition to the City's residential community. If it is the desire of the City Council <br /> to sell the property for redevelopment, Ehlers would recommend that they sell the land to LaNel <br /> Financial for the following reasons: <br /> 1. LaNel Financial is an existing resident and partner in the City and the City Council <br /> has been pleased with their performance and product. <br /> 2. Design concept is superior in that it will bring additional open/green space to the <br /> project. <br /> 3. High quality design of proposed development. <br /> 4. Development will generate a higher, future tax base for the City. <br /> 5. Higher purchase price of land and financial capability to complete development. <br /> Ehlers recommends that the City Council enter into a Redevelopment Agreement with LaNel <br /> Financial for the redevelopment of Kenzie Terrace. This will allow staff and Ehlers the <br /> opportunity to review more detailed development plans and project proforma and negotiate the <br /> final density, design and land purchase price. <br /> Please contact me at 651-697-8506 if you have any questions. <br />