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<br />, <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />CITY OF ARDEN HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />January 12,2001 <br /> <br />TO: <br /> <br />Joe Lynch, City Administrator <br /> <br />Terrance Post, City Accountant@) <br /> <br />Cox/Presbyterian Homes Development Proposal Update <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />This morning, Ms. Chaput and I met with in the Cox Insurance (Roseville) offices conference room, <br />along with Ramsey County streets representatives, a representative from Presbyterian Homes, and Mr, <br />Cox to discuss alternatives to a previously submitted development plan for the intersection of New <br />Brighton Road, Lake Johanna Boulevard and County Road D. <br /> <br />In summary, the alternatives revolve around the taking of four (4) additional residential properties to <br />accomplish the following: <br /> <br />I, The re-routing of New Brighton Road to the east to intersect with Lake Johanna <br />Boulevard at a ninety degree angle in a controlled (three-way stop) intersection. <br /> <br />2, <br /> <br />The subsequent abandonment of New Brighton Road from approximately GlenPaul <br />Avenue south to County Road D. <br /> <br />3, Expanding the development scope from the initial constrained triangle parcel to a replat <br />that would incorporate five (5) separate parcels and the abandoned roadway. <br /> <br />4, Linking these activities into the future planning for the County reconstruction of County <br />Road 0 from Fairview to Cleveland Avenues. <br /> <br />The prospects for success for this expanded vision revolve around the following key issues: <br /> <br />I. Return on investment (ROI) calculations by Presbyterian Homes to determine if the <br />additional acquisition costs and the correspondly larger number of units/retail result in <br />meeting an acceptable hurdle rate, <br /> <br />2, The willingness of one residential property owner to be a seller for the project. <br /> <br />3. County approval to redirect New Brighton Road, <br /> <br />4. City of Arden Hills support for an enlarged scope project. <br /> <br />A future meeting is scheduled for February 8, 2001 at 9:00 a,m, at Cox Insurance to determine how the <br />issues are being resolved, <br /> <br />cc: <br /> <br />Jennifer Chaput, Planner <br />