CC 11-28-1983 - Laserfiche WebLink

Home Browse Search

" Minutes of Regular Council Meeting Monday, November 28, 1983 P age Two of the preliminary resolution and completion of the application to the Commissioner of Energy and Economic Development are recommended. Mayor Woodburn asked if any written statements have been received relative to the Industrial Revenue Bonds, Arden Hills Business Center. McNiesh reported that a Resolution was to be submitted . tonight, supporting the IRBs, from the North Oaks, Arden Hills, Shoreview Chamber of Commerce; noted that a representative in- tended to be present tonight to submit the resolution to Council, . but due to weather is unable to be present. McNiesh s'aid a let!ter has been received from the Pizza Hut, Arden Plaza, supporting the proposel additional office space (letter was read aloud). Woodburn noted that it's his understanding that six Chamber of Commerce members were present at the meeting when the resolution was app rove d. David Weir, Woodbridge Properties, Inc., thanked Council for considering Woodbridge Properties tonight and introduced the following people in the audience, Mr. and ~rs. Patrick Flaherty Mr. and Mrs. Richard Flaherty Mr. Larry Buegler, Chairman of Board of Norwest Bank, and resident of Arden Hills (1549 Edgewater Avenue) Renee Boar, Pizza Hut Corporation (Pizza Huts of the Northwest) Mr. Russell Prince, Financial Advisor with Juran & Moody Scott de Lambert and Eric Nessetwith Woodbridge Properties. Mr. Weir said that, at the Mayor's request, we'll limit our comments to a reaffirmation of the City's financial advisor's recommendations; we ask you,r support of the project; not'ed that they have talked about various benefits to the community, the absence of detriments to the community, and will answer any questions whicb may arise. Comments from the Audience Larry Buegler said that as Norwest Bank views the property which it owns, and the economic growth of the Village and the growth of the bank, which is a fairly fast growing detached facility, we have recognized certain impediments for this growth, and that is the development of the area immediately around the bank. Buegler said they believe the highest and best use of the property is not a driving range; have had a lot of complaints over the years; have been lawsuits as the result of golf balls. Buegler said they feel the best use of the property is some sort of multiple-office type use; have reviewed Mr. Weir's plans and have endorsed them as a project that would be suitable for the Village to enhance the attraction of new customers to the bank and to the shopping center, and to the total area. Buegler said he reviewed the financial statements; his analysis indicates that the Woodbridge proposal is appropriate based on the financials. Buegler said he believes Mr. Weir can do what he says he can do; and if granted approval, . project will go forward without any problems from the financial senae. Council Questions Hicks asked what affect shortening the bond issue to 20 years . would have on the proj e ct, ins te ad of 30 years. Weir said it would be significant; can't give the mathematical impact, but it would be decreased by 33 1/3% over what is proposed; part of the value of IRB financing is not only the lower interest rate but the terms under which the financing and the eosts are absorbed over a long period of time that gives the property owner the ability to offer a rent that is affordable by the tenants; the terms are as significant as the " ,~