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7-11-06 (2)
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7-11-06 (2)
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Sherman has proposed exchanging its right to develop this site (through the end of the 2006) for <br /> rights to develop a mixed-use residential/retail building on the east side. The developer feels that <br /> having some retail in the early phases will assist in marketing the housing. <br /> Request for Qualifications. Ads were scheduled to appear in the Minnesota Real Estate Journal <br /> and the Midwest Real Estate News early this month. Submissions are due on July 28th. You will <br /> recall that in this phase, interested parties are asked to submit information about their company <br /> and the relevant experience they could bring to our project. Specific proposals concerning the <br /> site itself will be solicited only from firms that are selected in the first round. <br /> Financing <br /> The sale of$20,450,000 in bonds was authorized by the City Council on June 27th. The interest <br /> rate of 4.7376%was slightly lower than expected. The amount of the issue was lowered slightly <br /> because of reduced capitalized interest. <br /> Marketing and Communications <br /> Comments have been positive on the recently newsletter,which was entirely devoted to the <br /> Northwest Quadrant. Since the initial mailing, additional copies have been mailed to area real <br /> estate offices and available at the front counter at City Hall. <br /> The housing developers want to have sales trailers on site in August, and participate in the fall <br /> Parade of Homes in September. They will be primarily marketing the condominium units. <br /> Rottlund plans to move a module from St. Louis Park that is a near-exact replica of a finished <br /> unit. <br /> An informational meeting for prospective residents is being discussed. <br /> Other Developments <br /> Brighton Village <br /> Kraus-Anderson is working on a new site plan. The bank will reportedly not be a part of the <br /> development, since the parties have not reached agreement. The prospective hotel developer is <br /> continuing to conduct a market feasibility study. <br /> Marv's Transmission <br /> The proposed site plan will be reviewed by the Planning Commission on July 18th. The City <br /> Council will hold a public hearing on the establishment of a tax increment financing district on <br /> August 8tn <br /> Taylor Property <br /> Page 3 of 4 <br />
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