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ARDEN HILLS REGULAR CITY COUNCIL MEETING MINUTES AUGUST 8, 2005 5 . Commercial is purchasing 130,680 square feet for $980,000, which is $7.50 per square foot. Royal Oaks is purchasing 294,466 square feet for $1,385,000, which is $4.70 per square foot. If Royal Oaks paid $7.50 per square foot, the purchase price would be $2,208,495 (7.50 x 294,466). The difference between $2,208,495 and $1,385,000 is $823,495. Mike Giel, 4534 Keithson Drive, asked if Council had agreed that the major problem with development of the area was traffic. He stated he believed someone on Council had noted the traffic problem needed to be addressed prior to any development. He asked if there would be any possibility to address the traffic situation first keeping in mind that there would be a development at some point. He noted the land was not going anywhere and if current values continued, the land should go up in value. He recommended Council address the traffic issue prior to a development being proposed. Councilmember Larson stated the City was in a unique situation because this was land owned by the City and the Council was stewards of this land. He indicated he had voted for the development previously and he believed that was a good development. He believed if the density was reduced, the value of the property would also be reduced. He stated it would be great if the developer came back and offered the same amount of money with less density, but he did not believe that would happen. With respect to access, he still believed there should not be any access onto Hamline Avenue. He indicated he would support the renegotiation of the Agreement with Royal Oaks Realty. . Councilmember Holden stated price was an important issue, but asked why they were only getting $5.00 per square foot for the property. She believed the land was worth more and believed Council owed it to the citizens to obtain the best price for the land. She indicated she had attended seven neighborhood meetings last week and the number one comment she received was that the residents wanted open/green space and they wanted to keep their neighborhood rustic looking. She noted they had a stewardship to the community. She stated the citizens did not want more asphalt. With respect to traffic, she was concerned about "U" turns being made if this development would have passed. She indicated she would not support a development of 70,000 square feet. She noted she would support a development oflesser density with a Hamline access. She stated she was in support of renegotiation of the Agreement, but she wanted a totally different proj ect. Mayor Aplikowski stated if Council was going to instruct staff to renegotiate with Royal Oaks, what was the size of development they would support. Councilmember Holden stated she would support a development size 2/3rds of 70,000 square feet. . Councilmember Grant stated he was also concerned about the density and traffic, especially the "U" turns being required. He noted Council also represents the people who traveled through the City, as well as the residents who lived in the City. He stated he wanted to see a lower density development with a well designed access onto Hamline Avenue. He cautioned people to not compare commercial properties to each other because there were sizable differences between