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Regular City Council Minutes -11/18/02 Page 2 Housing Partners, the housing development arm of Presbyterian Homes, to further elaborate on the proposed proj ect. Mr. VanSlyke discussed various components of the proposed project, including the number and type of retail and housing units proposed; proposed demolition of the existing shopping center; and relocation of existing tenants of the shopping center. Mr. VanSlyke stated that meetings had been held with neighbors, with no negative feedback received; and with current tenants of the shopping center. Mr. VanSlyke further stated that the Hamline side of the building had been reduced from a five story to a four story building in consideration of changes in the International Building Codes that will be effective in January of 2003, which should make the project even more attractive to those neighbors on the Hamline side of the project. Dan Wilson, of Wilson Development Service, a consultant to Presbyterian Homes, was available to discuss the need for tax increment financing due, in part, to the need to demolish the existing shopping center and potential relocation of current tenants. City Manager Beets asked Mr. VanSlyke to clarify the purpose of tonight's presentation; with Mr. VanSlyke responding that the presentation was for the purpose of Council discussion and to determine the level of interest for city financial participation for this concept plan to proceed. Mr. Wilson estimated construction costs of $14 Million and total development costs of $23 Million. Mr. Wilson estimated that the current taxes from the shopping center property was $42,850; and estimated future taxes of $200,476. Further discussion items among the developer and Councilmembers included whether there was a need for