CCP 04-27-2007 - Laserfiche WebLink

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~vious submissions have been rejected by the company. There has been no date set to have the company off of the property, but they will need to be out before the Old Highway 8 upgrade can be completed. Sculthorp asked when the state grant for the relocation of the wye would expire. Black replied that the grant is available to the City for several years. Kaufhold suggested that the area in Little Canada near I-3 S C and I-694 around the old Levitz building may work for Ferrellgas. Black indicated that the City would take a look at it. Northwest Quadrant Report Propert~Acquisitions Black reported that the valuation on the post office would be in soon. The City is contending that because the lease rate is so low, the value to the owner is far less than if the property was empty. He added that there was a meeting with the Postal Service, Ryan Companies, staff, police, fire, and utilities regarding the annex building. Most of the site plan and building plan details were covered and will be submitted at the end of the month to the Planning Commission. Housing Developers Black reported that this development is progxessing. There are a few "housekeeping" issues that need to be dealt with, but their proposal should be submitted at the end of the month to the Planning Commission. Une issue that is still being worked out is a maintenance agreement for the roads and. public areas. ther Develo ers ck stated that Ryan Companies has met with a company who is interested in constructing a new 100,000- square-foot building on the Mengelkoch site. However, they have proposed purchasing the land for only $5.00 a square foot, while an appraiser has told the City that office properties have been selling for no less than $6.50. Another concern is that the proposed building is significantly smaller than what the City would like to see on the site. Delaune inquired to the size and price difference that has been proposed. Black replied that the proposed building in the City's Design Guidelines calls fora 130,000-sf building, and the difference between $5.00 and $6.50 is approximately $400,000. Flahave stated that the property is easily worth $8.00 a foot. Stang stated that there are times when the first person in a development gets the best price, since they are taking a risk on the development and then as it builds out other people pay a higher price. Black replied that. APi is paying $8.00 a foot for a slightly better site. Stang suggested that is good to hear that the City can ask i`ar and get that price. Black noted that this could set the tone for other dealings with Ryan. Black reported that staff plans to visit the TOLD development at 1/xcelsior and Grand in St. Louis Park. Staff' will be taking a tour inside the development and see how it functions and flows together, since TOLD will be proposing for blocks D, E, and F. Revised West Side Plans Nelson inquired to how many condominium units have sold. Black replied that he is not sure of the exact number; however the developers are still marketing according to the old site plan for the Northwest Quadrant. The site plan is still being adjusted and there will be fewer units. The developers are working an the designs to minimize blocks where ends of the buildings front on the streets. ~elaune asked if staff could provide the financial plan far the development for the new site plan once everything is finalized. Black replied Council will be receiving a report at the end of the month and it will also be provided to the Commission. Page 3 of 4