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<br />.. <br /> <br />request They said they were interested in reviving an office plan for the site on <br />Hamline. The proposal was for a 150,000 s.f. office with 750 parking spaces on two <br />tiers. Nelson estimated the value at $8-9 million and new taxes at $350,000 to <br />$450,000. They asked for city help similar to Ryan and Opus to acquirelwrite down the <br />price of the vault company, relocation and contamination clean-up. ( Ryan and Opus <br />both received tax increment assistance.) They estimated their current cost of the land at <br />$10.00/s.f. based on values established for the library condemnation. I explained the <br />TIF pay-as-you-go policy adopted by the Council and the land use policy of not <br />encroaching into residential areas with commercial/industrial development ( I said <br />these new policies would be difficult for the Council to change.) Nelson offered the land <br />for other types of redevelopment Later I did some background and found that to put <br />100 units of housing on the site, there would be a $700,000 gap and the costs incurred <br />moving the vault company. Traditionally these costs are covered by TIF redevelopment <br />districts. Everest's Nelson knew that I summarized the meeting, told Nelson I would ask <br />for a meeting with Steve Sarkozy. <br /> <br />September 22, 1997. After discussion with Steve S, and planning staff, I made a note of <br />next steps: neighborhood meetings, a proforma, Council work sessions to gain staff <br />direction, and hearings. <br /> <br />October 7, 1997. Meeting at City Hall with Everest Steve S, suggested a broader <br />review of the area within the context of the annual 1997 -1998 comprehensive plan <br />updates. <br /> <br />October 2, 1997. I reported to Steve S. that staff was having problems getting Everest <br />to clean up the Hamline Avenue site and had been working on this all summer. The <br />Everest property manager kept telling staff that they would clean up the site when <br />insurance settlements were in hand for the fire in one house. Tim Nelson told me that <br />before doing significant repair or razing the structures, he would like to review the future <br />of this land with the Council at either an October or November, 1997 Council work <br />session. <br /> <br />October 20, 1997. Nelson faxes to Steve S. a memo stating that they are interested in <br />pursuing a "significant office redevelopment project" on the site, replacing what Everest <br /> <br />3 <br />