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<br />City Council Study Session - 09/20/04 <br />Minutes - Page 19 <br /> <br />Casserly noted that, in this scenario, the City would design <br />the Redevelopment Agreement, if the project moves <br />forward, to determine the actual land value and determine a <br />formula to write down costs. <br /> <br />Mr. Casserly estimated that, on the private side of the <br />developer, to build the project would probably be within <br />the range of $175,000 to $190,000, in addition to the $65 <br />Million in land costs. <br /> <br />Councilmember Ihlan reiterated previous statements <br />regarding the City's control of the land and her opposition <br />to the use of ED for acquiring land for private developers. <br /> <br />Mr. Roe responded that the City had control, through the <br />signing or not signing of a Development Agreement; and <br />also opined that the square footage of retail per capita <br />included vacant land in Wyoming, and should be taken into <br />consideration. <br /> <br />Mr. Roe concluded that the developer would need to <br />demonstrate the "but for" test for use of TIF. <br /> <br />P. Steven Carlson <br />Mr. Carlson noted his proxImIty to the site; but also <br />addressed the financial aspects. Mr. Carlson recognized <br />the value of tonight's comments and discussion in helping <br />him to better understand the overall proj ect. <br /> <br />Mr. Carlson questioned whether the proposed high-density <br />housing would change the environment of the area, <br />including the addition of retail, and impact the quality of <br />life of residents in the area of the site. <br /> <br />Mr. Carlson opined that the project would have a negative <br />impact on residential property values within a one-mile <br />radius of the project site, and asked that the Council take <br />that into consideration. <br /> <br />Q. Carol Erickson, 2529 Mildred Avenue <br />Ms. Erickson, as a proponent of the project, opined that the <br />