Correspondence 1985-1989 Dahlgren

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� � n L_J Planning Office Hours August 27, 1986 • Page 2 3. Hackworthy C. R. Hackworthy, builder, and Bob Murray from the Butler Company, realtor, were in to review a proposal to develop a 9,000 square foot building on the south side of County Road C, contiguous to the west border of the City. The proposed building is 9,000 square feet, with two floors, requiring forty-five parking spaces. They are planning to keep it a total of sixty-four, allowing for expansion. We suggested a revision to the plan that would put the building on line with the office building to the west (in St. Anthoni), and to the east. They will have provisions for an easement through the site in the event it is necessary to develop the land to the south, which is part of a larger parcel with frontage on walnut Street. This proposal would come to the Planning Commission and Council in the form of a land division. 4. Franke, 636-6400 Bill Franke was in with Tom Smouffer, Comptroller, ar�d Tim Nelson from Jeff Nielsen's Development Company, to talk about a contemplated redevelopment of the southeast carner of Highway 36 and Hamline Avenue, replacing the Wilbert-Chandler Vault Company structure and several hQuses to the south. The proposal is to construct two office buildings, the northerly one of which would be ten stories, and the s�utherly one three stories. The ten story structure would h�ve the gross square footage of 138,740 and the three story would have 50,000 square feet. Parking would be on the surface witb. a green buffer strip to the east, contiguous to the rear lot lines of single family houses to the east of the site. Some of these lots are 300 f�et deep and greater� We suggested one possibility of acquiring porkions of these 1ots, so as to provide a wider buffer strip. Once the land in question is d�veloped, the further development of the 300 foot deep lots would be difficult, if not imposs;lble. They note that five of the eight home owners are willing to sell, and are talking to the others. We noted the City's policy where residences are redeveloped t�at there be an "overwhelming majority" of the residents in favor. I suggested that the replacement of the vault factory with an office building is desirable, but that the ten story height might prove a problem to contiguous landowners. Perhaps a more serious concern is the absorption of the office space market in relationship to other committed tax district projects, particularly those west of 35W. Their financial program proposed a fifteen year bond with three years of capitalized interest, with a bond sale this year at approximately 10.5 percent (taxable). Gross bond sales would approximate $2,3 million.