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<br />. <br /> <br />. <br /> <br />. <br /> <br />City Council Work Session Meeting <br />February 21, 2006 <br /> <br />5 <br /> <br />. "Limited Business" re-use of the property (allowing for offices, clinic, day care with <br />over 10 children, financial institutions, research, clubs, and lodges); <br />. Soils are stable and free of contamination; <br />. All public utilities are available; <br />. Highest and best use (deemed to be commercial, primarily office and/or medical); <br />. Access to Hamline Avenue. <br /> <br />The appraisal was prepared utilizing a direct sales comparison approach, using five comparable <br />properties that sold within the past three years, The comparable sale price ranges form $6,89 per <br />square foot to $8.45 per square foot. Based upon the information received by BRKW, the <br />estimated land value for the old City ha11lpublie works site is $2,375,000 (or $8.00 per square <br />foot), City staff recently met with Royal Oaks to discuss the proposed development of this <br />location. Royal Oaks expressed to City staff that they are still interested in developing the old <br />City hall site in the future. <br /> <br />City Administrator Wolfe stated that Royal Oaks just received a copy of the appraisal today. <br /> <br />Councilmember Grant stated that the first appraisal left out information pertaining to the access <br />at Hamline Avenue, <br /> <br />Community Development Director Karen Barton said that if there IS not an access off of <br />Hamline Avenue, the value of this property may decrease. <br /> <br />Councilmember Larson asked what is the projected cost for removing the old public works <br />buildings and the existing compost site. <br /> <br />Community Development Director Barton estimated that the clean-up cost for this site would be <br />approximately $90,000. <br /> <br />Councilmember Larson said that the increased property value may result 111 a more dense <br />construction project. <br /> <br />Councilmember Pellegrin noted that the appraisal is a good start, but it does not mean that the <br />City will sell the land for that price, <br /> <br />Mayor Aplikowski asked City staff members if they were seeking direction from the City <br />Council to continue negotiations with Royal Oaks. <br /> <br />City Administrator Wolfe said that Royal Oaks has asked if the City Council is still interested in <br />pursuing the office condo development. <br /> <br />Couneilmember Holden said that she docs not buy into the argument that the developer should <br />be allowed to maximize the projects density due to the increased appraisal cost of the property, <br />