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I I I Council Meeting Minutes September 10, 1985 Winkels reviewed the staff report, stating that R. L. Johnson Company had not sent an agreement, and reviewed the action taken since the last Council meeting on August 27th. Winkels stated that both companies were working with the same tenant, AT&T. JLN is ,suggesting a purchase price of $250,000 and specifically relates to the use of future Tax Increment dollars; they would place a value on the property of $1.5 million by January 1987 and $3 million by January 1988. Welsh Companies' Purchase Agreement is for $255,000 with a pro- vision that they would expect to negotiate future development with the City. Both companies as well as the tenant were represented; Mr. Dorsey of O'Connor & Hannon has reviewed both Purchase Agreements and are present; and Mike Buzar, Coldwell Banker, was present. Winkels suggested the council authorize negotiations for a Pur- chase Agreement and Development Agreement with the selected firm. Dennis Doyle, President of Welsh Companies, introduced architect from Shay Architects, P~ter Capps, Real Estate Manager with AT&T Information Systems, and Dan Anderson, of AT&T Real Estate Systems. Doyle reviewed Welsh Companies' history and the proposed development, a 105,000 square foot office/warehouse corporate headquarters. Doyle intends to finalize plans with the tenant in the near future and are looking at a November groundbreaking with a March occupancy; the tenant has made a request that the area to the nr~th be cleaned up; would like to avail themselves the Right of First Refusal to the property to the south and the east. Doyle's schedule is to go to the Planning Commisstion for approval on October 15, 1985, and back to the Council on October 22, 1985 for final approval. The project encompasses 100-120 employees. Doyle stated that if the arrange- ments with AT&T did not work out, he has talked with others regard- ing locating at the site. Tim Nelson, Vice President of JLN Development, introduced Bill Frank, attorney for JLN; Jeff Nielson, President of JLN; and Robin Davidson, Industrial Engineer. Nelson reviewed the history of JLN and its commitment to New Brighton, stating they had purchased the property north of the site, and would proceed without a tenant at this time, although they have discussed this with AT&T. Nelson stated JLN had the willingness and ability to proceed quickly, commencing no later than Spring of 1986; would be planning on a larger site, permitting a large overall project or several smaller projects be aesthetically pleasing and financially feasible. In response to Harcus's question, Nelson indicated that JLN did not develop the property to the north sooner because they knew there was the possibility of acquiring this land also. Page Six Purchase Agreements for City Property - JLN Development and Welsh Companie Report 85-256