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<br />. <br /> <br />e <br /> <br />e <br /> <br />/f\ <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: June 10, 2002 <br /> <br />2.D <br /> <br />TO: Mayor and City Council <br />Joe Lynch, City Administrator <br /> <br />FROM: Aaron Parrish, City Planner Iff' <br /> <br />SUBJECT: Indykiewicz Parcel <br /> <br />Overview <br /> <br />Recently, the City Council has considered the followillg items regarding the reuse/sale of the <br />Indykiewicz property: <br /> <br />. After considering eligible uses within the Gateway Business District, and evaluating the <br />proposed uses contained withill the letter of interest from Chesapeake Companies, the <br />Council outlilled the following uses for the property: <br /> <br />. Business Service . Office <br />. Cliuic . Personal Service <br />. Dav Care Facilitv . Restauraut - Sit-down <br /> . Restaurant - Deli, coffee, bagel and take- <br />. Financial Institution and Service <br /> out food outlets, etc. . . <br />. Retail Sales and Service . Studio <br /> <br />· Taking into account the above uses, Council directed staff to obtain an appraisal for the <br />property. Based on the appraisal report, the probable market value for the property is listed <br />at $900,000. After considering the comparables, the adjusted sales price represents a range <br />of $4.20 to $5.88 a square foot. This translates into a sales price of $722,677 to $1,011,748. <br />It should be noted that from staffs perspective, and based input provided by the Davidson <br />Companies, the comparables may not be entirely representative. <br /> <br />· At the May 2002 Work Session, Council heard a presentation from a local commercial real <br />estate broker outlining the marketability and developmellt potential of the property from their <br />perspective. In short, they indicated that an office use may be a viable option for the <br />property if the City were willing to sell the property at a substantially reduced price <br />