2002-06-26 CC Packet - Laserfiche WebLink

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. , Group 4 - Developer Perspective For your company, Premier Properties, this development is pretty risky. Your more expensive developments have usually been located in the more established suburbs nearer the Twin Cities. True, you've been looking for a site like this because you think there is a market for buyers of upscale homes in a further out community with a small town feel. And Prairie Ridge does look promising. BUT it is financially risky. Your company is going to put a lot of up front money into this development. The enviromnental cleanup and the new water and sewer lines will be expensive. To recover all those costs, you have to be allowed the 275 units requested. And while the neighbors and city staff have been pressing you to do something a little more innovative and traditional than the large-lot development you're proposing, you're just afraid people won't pay the high prices for that type of home in Prairie Ridge. After all, people "move out" to areas like this in order to get a big yard! Some of the neighbors have gotten pretty obnoxious and offensive in their comments about your company. The Parks and Recreation Director of Prairie Ridge is really pushing you to provide open space, trails, and public beach access. Some of it you're willing to do, but some is getting too expensive, and you fear other public spaces will make the development less attractive to homebuyers. You've had a good working relationship with the city staff and other city officials, and like how you've been welcomed in the community: Premier Properties has a gn;lat reputation for being responsive to the communities in which you develop, and you want to maintain that reputation. You want to make these folks happy! But the reality is that if they make too many more demands your bankers will consider the development unviable and won't give you the money you need to get started. You'll have to abandon the project and look for another city in which to do your development! You could even place it in a township with less stringent development regulations. Please do not share the information on this sheet with students in the other work groups.