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<br />1 <br /> <br />1 <br /> <br />1 <br /> <br />Council Meetin <br />December 13, 1 <br /> <br /> <br />Page 5 <br /> <br />Council Busine s continued <br /> <br />Anne Norris, <br />consideration <br />(TIF District <br /> <br /> <br />Community Development Specialist, presented the <br />or the development agreement with Welsh Companies Development Agreement <br />16 Mounds Avenue Redevelopment Site). with Welsh Companies <br />Report 88-347 <br /> <br />The City is ac uiring this property to allow for redevelopment of <br />the site by Wel h Companies. The redevelopment project consists of <br />a 29,000 squar foot office/showroom facility for one tenant; the <br />building will have an estimated market value of $1.1 million. <br /> <br />Since the Nove ber 22, 1988, Council Meeting, City staff and the <br />City's relocati n consultant has met with all four property owners. <br />The City belie es they have negotiated a purchase price on one of <br />the properties; and the other three property owners have indicated <br />disagreement wi h their appraisal. <br /> <br />However, since the City does not have a formal development <br />agreement; it is difficult for the City to make a formal offer to <br />the property 0 ners. The City Staff recommends executing this <br />development agr ement. <br /> <br />Williams asked Norris if the property owners understand the <br />implications of the possible execution of the development agreement. <br /> <br />Norris said 0 e of the property owners has expressed their <br />disinterest in elocating and has hired an attorney. The remaining <br />property owners understand the possible implications. <br /> <br />Gunderman said <br />owners in the <br /> <br /> <br />be interested in hearing from the property <br /> <br />David Yempa, 2 23 Old Highway 8, has received an unacceptable <br />purchase agree ent from the Welsh Compan i es; and also an <br />unacceptable ap raisal from the relocation specialist the City has <br />hired. <br /> <br />Mr. Yempa feels he has been threatened and further said, "either we <br />accept th is as ace value and get out or we get kicked out". Mr. <br />Yempa said he has been told that the appraisal would not include <br />sentimental value and absolutely no profit will be made on this <br />situation. Mr. Yempa offered an invitation to the Council to visit <br />him and apprai e hi s property. Mr. Yempa further expressed hi s <br />dissatisfaction of the lack of formal written documents. <br /> <br />Council Business <br />