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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />March 24, 1987 <br /> <br />In response to Benke's question, Sovell indicated there was no <br />magic to the 50/50 ratio of IIfor rentlll"for purchase II buildings, <br />and stated anyone wishing to purchase a rental-designated building <br />could certainly do so. <br /> <br />To answer Benke's question, Stovall indicated the exterior would <br />be an upgrade from the Winfield and the Taylor developments. <br /> <br />Stovall further indicated, replying to Schmidt's question, they <br />intend to commence development in the northwest corner and the <br />southeast corner which are the owner-occupied buildings and the <br />most exposed corners. <br /> <br />In response to further questions from Schmidt, Stovall stated one <br />of the driving forces behind the project was the interest of six <br />or seven firms interested in purchasing a building and confirmed <br />the concept of the project is to have approximately 150,000 square <br />feet available for rental and a like amount available for owner- <br />ship. <br /> <br />Motion by Gunderman, seeonded by Brandt, to AUTHORIZE NEGOTIATION <br />OF A DEVELOPMENT AGREEMENT WITH STUART DEVELOPMENT CORPORATION FOR <br />REDEVELOPMENT OF THE SECOND STREET NORTHWEST REDEVELOPMENT SITE <br />AND PREPARATION OF APPRAISALS AND RELOCATION ANALYSIS TO DEVELOP <br />APPROPRIATE PROJECT COST ESTIMATES. <br /> <br />In reply to Benke's query, Senden stated it is the intent to have <br />some buildings in the ground by late summer or early fall, with <br />leasing being done during the winter and early spring; and the <br />pacing is really at the discretion of the acquisition process~ <br />which requires some well-defined steps. Senden further indicated <br />the plat will be ready when the land is ready for development, and <br />stressed the importance to the developer that construction <br />commence this year. <br /> <br />Sendenstated the acquisition process for the railroad's right-of- <br />way is the same as for private property, and he has discussed that <br />with representatives of the railroad as well as attorneys; Locke <br />indicated the city had not yet talked directly with the railroad. <br /> <br />Schmidt commented the developer had shown a IIcan doll attitude <br />which he would like to see other developers cultivate. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Locke briefly reviewed staff report on and the history of the Park <br />Place senior housing development, and indicated tonight the <br />developer is looking for a time-frame by which they would have the <br />Amendment from November executed and also a change in the date by <br /> <br />Page 6 <br /> <br />Development hgreemen1 <br />Amendment: Park <br />Place Senior <br />Housing <br />Report 87-83 <br />