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<br />ARDEN HILLS SPECIAL COUNCIL MEETING - SEPTEMBER 22. 1997 <br /> <br />9 <br /> <br />. <br /> <br />Councilmember Malone inquired how many square feet are involved. Mr. Ringwald stated <br />approximately 295,000, or 6,75 acres. <br /> <br />Council member Malone requested clarification that the reduction in the sale price is recoverable <br />through TIF, Mr. Fritsinger stated that was correct. <br /> <br />Councilmember Malone inquired if the amount would be in excess of the bonds being issued, <br />Mr. Fritsinger stated it would not be. <br /> <br />Mayor Probst inquired if the developer was willing to subtract $73,000 from the purchase price <br />of$323,385. He stated his concern with the asswnption of wetland mitigation. <br /> <br />Mr. Fritsinger stated the developer was to receive an $85,000 credit because the wetland <br />mitigation would also benefit the City. The City cannot incur these additional costs if this <br />wetland mitigation does not happen, <br /> <br />Mr. Zehring inquired ifthe price of the City land is relative to the price of the other parcels, <br />When the site was raised and the other sites acquired, the additional $85,000 was not anticipated, <br />He stated he either did not hear or did not understand this issue stated at previous meetings, <br /> <br />. <br /> <br />Mayor Probst stated the reason for the $85,000 credit was that the City would receive the benefit <br />of extra drainage, which will not be taking place now, <br /> <br />Council member Aplikowski inquired if the developer wished to change the $85,000 to $73,000. <br /> <br />Mr. Ringwald stated the entire $85,000 cannot be eliminated but, perhaps, one-half can be, The <br />storm sewer issues are part of this money, and the wetland issues are not going to change. <br /> <br />Mr. Fritsinger stated the issues of 14th Street and the wetlands have not yet been resolved, <br /> <br />Mr. Ringwald stated meeting the incremental costs such as easements should be the developer's <br />responsibility because of the cost savings on the grading, <br /> <br />Mayor Probst inquired what the value of the developable land was, Mr. Ringwald stated Mr. <br />Stonehouse was still researching this issue, <br /> <br />Mayor Probst stated an agreement must be reached at tonight's meeting regarding the sale price. <br />Mr. Fritsinger suggested a short recess. <br /> <br />Mayor Probst called a recess at 10:05 p.m. <br /> <br />Mayor Probst reconvened the meeting at 10:24 p,m, <br /> <br />. Mr. Fritsinger stated he had reviewed the purchase price, and had concluded that the price the <br />developer is paying for the adjoining properties - $320,000 - is in line with the price of the other <br />