1987-01-13 - Laserfiche WebLink

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I I I Council Meeting Minutes January 13, 1987 Council Business, continued Parkhill feels that by May 1, 1987, they will be able to bring proof of financing and tenancy; when title is transferred, the City will have $200,000 from the county and $530,000 from the developer along with the $500,000 Letter of Credit; and believes there are enough built-in hurdles if the project does not go through that the developer will give every evidence of proof of going ahead at that time. Benke stated one of the concerns in the past was that it will be difficult for a center on this site to compete commercially with other local shopping centers; Parkhill stated this will be a tra- ditional community center, similar to Brighton Village, but nothing is south of 1-694. Parkhill feels there is a need for a grocery at this end of town, but that the final determination will be made on the basis of the market study which will be commissioned when the Development Agreement is approved. Parkhill noted the worst thing that could happen is he comes back stating no one thinks it will work, the best thing would be that he would present his financing and a list of tenants to council. Parkhill also stated if a grocer doesn't lease space, two large soft-good discount retailers have expressed an interest in the site. Benke stated one of the options to reduce the amount of exposure and commitment to the city is to increase the value of the development we can put on the site, and asked if Parkhill will continue to look at all options. Parkhill stated he will, and has discussed with staff the possibility of constructing a second story on a portion of the proposed building. Parkhill noted it would be to their advantage to increase the value because the Assessment Agreement penalizes if they are under- valued. Benke stated another need is a high-quality restaurant; Parkhill stated they have already talked to a possible sit-down restaurant firm and that the restaurant would include food and liquor. Benke stated another interest has been expressed for a community- center type of facility; Parkhill indicated if it were economic- ally viable, even on a break-even basis, it would be considered for the second floor construction. Over the years, Benke stated he has seen proposals where the bulk of the building is on Tenth Street and Fifth Avenue, using the other side for parking. Parkhill stated they had looked at other ways of constructing the center on the property and felt if the building were located near the intersection there would be a problem with loading docks plus it would put the parking in the back (removing people from the action across the street rather than bringing them closer), and also believes it would not be aesthetically pleasing. Page Twelve