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1-09-2007 (2)
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1-09-2007 (2)
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Kaufhold indicated that he supports the City working with Ryan Companiet,but he is concerned <br /> that it may take five to seven years for a complete buildout. Nordland replied that estimate is <br /> conservative,but noted that it could take two to three years to find a tenant, six months for City <br /> approvals and then a year for construction. He added that if one tenant wishes to purchase the <br /> site, then the buildout could be as little as two to three years. Black added that the City still <br /> needs to clean up the dump, which will take at least a year. Kaufhold asked who will own the <br /> property until development is started. Black replied that the City would hold onto the property <br /> until it is ready for construction. Fernelius added that Ryan Companies would be the exclusive <br /> developer for the site. Nordland indicated that Ryan has looked at most of the deals that are <br /> occurring in the Twin Cities and will hire brokers to market the site. <br /> Benke inquired if Ryan could suggest why they were the only company to respond to the <br /> solicitation. Nordland indicated that because of Ryan's past history with the development, they <br /> were very excited to have the opportunity to develop the office sites. He added that most <br /> developers don't like long-term projects,which require a lot of staff and money, and the office <br /> market is currently not strong, so many developers are not looking to work on these types of <br /> projects. Harmon inquired how big this development is compared to their current portfolio. <br /> Nordland replied that it would be considered a mid-size project. Witkowski asked if the access <br /> to the site is considered a deterrent for developers. Nordland replied that there are good graphics <br /> that show a number of ways to get to the sites. The key is the visibility from the highways, and <br /> easy access may be a tradeoff. <br /> Harmon indicated that she likes both developers that were present today. APi seems like a good <br /> fit for the site and the development. She also is encouraged that Ryan is a big company that can <br /> promote the site and talk to potential tenants. Sculthorp asked what is the next step for APi. <br /> Black replied that a term sheet needs to be drawn up and then it will go before Council with a <br /> nonbonding agreement. Fernelius added that staff and the developers are still in negations and <br /> both want all the issues addressed before it is brought to Council. Black added that even though <br /> Ryan Company was the master developer for the site in 2002, a new term sheet would need to be <br /> drawn up. <br /> Black reported that the City is still looking for mixed-use developers and staff has a meeting on <br /> Wednesday with an experienced developer experienced in this area. He added that the Midwest <br /> Asphalt acquisition has closed and the City has complete control of the site. Midwest Asphalt <br /> will have until July et to remove the remaining equipment. <br /> Post Office <br /> Black reported that there would be a hearing on the valuation soon. The City's stance is that the <br /> owner should receive the value land,not the entire lease value. Flahave inquired to the lease rate <br /> on the new Post Office building. Bauman stated that is will cost the City $39.00 a square foot or <br /> $3.9 million to construct the building. Fernelius added that figure is correct and while he cannot <br /> recall the lease rate it would be provide if the Commission would like it. Sculthorp replied that <br /> he would like to see the post office numbers. <br /> Page 3 of 5 <br />
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