PC Packet 07-17-2012 - Laserfiche WebLink

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CITIZENS STATE BANK RIGHT BANK. RIGHT NOW! June 15, 2012 Ms.Janice Gundlach City Planner City of New Brighton 803 Old Hwy 8 NW New Brighton, MN 55112 Re: Rush Lake Office Building Dear Janice: I'm writing to submit our application to amend the special use permit on the Rush Lake Office Building in New Brighton as it relates to the 4th floor zoning for residential use. As you know,Citizens State Bank acquired this property via a foreclosure action when the developer abandoned the property during construction. During the 3 years that Citizens State Bank has owned the building,we have had numerous conversations with potential purchasers for the building. We have consistently heard from these interested parties that the economics for a mixed use property in the current depressed commercial real estate market is problematic given the need for rent concessions,etc. in order to attract tenants. The lower rental income that the 4th floor would generate as residential rental units makes the building even more difficult to market than if the entire building was permitted for office use. We are requesting that the City of New Brighton amend the special use permit for the 4th floor. The net leasable square footage for the building totals 15,378 square feet per the architectural plans that are included with this application. Using this measurement,the building requires 77 parking spots versus the 79 spots that the building was originally approved with. As a result, the requested change in use of the 4th floor would not result in a variance to the parking requirements per the City's building code using the net leasable square footage. Please contact me at 715/377-7008 if you need additional information regarding this letter. Sincerely, Tom Van Pelt President&CEO Q Equal Housing Lender WWW.CSbnEt.nEt Member FDIC