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ARDEN HILLS CITY COUNCIL WORK SESSION—AUGUST 9, 2010 4 <br /> 2.A Presbyterian Homes Concept Review and Library Discussion - <br /> Mr. Mehrkens estimated the current amount to be $8 million, excluding the building that would <br /> remain on site. He indicated the new numbers for the 152 rental units would be valued at $15 <br /> million and the 42 brownstone units would be valued at $6.3 million. The new estimated market <br /> value of the site would be $21.3 million. Further details of a TIF district were discussed. <br /> Mayor Harpstead questioned if Presbyterian Homes would be seeking tax exempt bonds for this <br /> project as this has been done in the past. _ <br /> Mr. Mehrkens indicated that they likely would. <br /> Councilmember Holmes asked when the Library portion of the site would be completed. <br /> Mr. Mehrkens felt the construction would begin in the Spring of 2011 and anticipated the Library <br /> to be operational in 12— 13 months. <br /> Ms. Nemitz stated this may be an issue, and she would be speaking to the County Board about <br /> this timeline. <br /> Councilmember Holmes asked if the current Library would remain open through the <br /> construction period. <br /> Ms. Nemitz stated the plan as it has been prepared would be to sell the current building in Arden <br /> Hills to assist with the expense of the new construction. <br /> Councilmember McClung thanked Presbyterian Homes for providing Council with the <br /> presentation this evening. He indicated there were many aspects he was in favor of, but did have <br /> some concerns with the development proposal in the triangle. He questioned how this would <br /> proceed and if the neighborhood would be addressed with the concept plan. <br /> Ms. Betz noted Presbyterian Homes did want to reach out to the neighborhood and planned to <br /> approach each neighborhood individually. This would allow the residents the time to concentrate <br /> and focus on issues with the development before final plans were brought back to the City in <br /> October. <br /> Mr. Mehrkens stated three separate neighborhood meetings were planned. <br /> Mayor Harpstead encouraged Presbyterian Homes to be in contact with staff to have a contact <br /> person on record. <br /> City Administrator Klaers questioned what the City should expect at the upcoming County <br /> Library Meeting. <br /> Ms. Nemitz stated she would like to bring the concept plan to the Board along with the <br /> information discussed this evening. She noted she has arranged a meeting with key County staff <br /> to review this information as well. After these meetings, she could report back to the City <br /> Council. <br />