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1993_1011_packet
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1993_1011_packet
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REQUEST FOR COUNCIL ACTION DATE: 10/11/93 <br /> ITEM! No. : <br /> Department Approval.: Manager Reviewed* Agenda section: <br /> Reports and Recommendations <br /> Item Description: Continuation of the option on Highways 3536 <br /> Residential Properties. <br /> Backcround <br /> For many years, the City has targeted the northwest quadrant of <br /> Highways 35W/36 as the location for a major office development. The <br /> City has taken steps to purchase a large portion of the site. The <br /> remaining thirteen residential properties have been under option by the <br /> city for the last two years at $5.25 and $5,50 per square foot per year <br /> respectivelye The city"s cost of those options is the value of the <br /> property taxes. <br /> At the council's direction, discussions have continued with the neigh- <br /> bors regarding a new option. The format for the property option being <br /> discussed includes an alternative that allows the residents to initiate <br /> the sale of their property at a price reflecting the current property <br /> appraisal with another alternative allowing the City to initiate the <br /> purchase at some future date, when development seems imminent, at a <br /> cost per square foot reflecting the commercial value of the property. <br /> While the concept of this approach has been reviewed by both the city <br /> and property owners, details have yet to be resolved. <br /> Policy ob 'ecti es <br /> Staff has continued to discuss this property option because of the <br /> importance of this quadrant for future economic development purposes. <br /> The assemblage of the property is an important issue in order to <br /> facilitate future development. <br /> Financial IMpl ications <br /> The cost of the options for annual property taxes equals approximately <br /> $25.F000a The cost of this option, plus the future cost of the <br /> acquisition of the parcels would be borne entirely by TIF. Monies for <br /> these purposes have been allocated in the TIF financial plan. <br /> COUNCIL ACTION REQUESTED <br /> Lotion to authorize staff to execute an extension of the existing <br /> options for a period of six (6) months, and authorizing staff to <br /> negotiate a new option agreement with the Highway 35W/36 res ident i a 1 <br /> property owners according to the terms and conditions previously <br /> discussed. <br />
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