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MEMORAN <br />DATE: July 27, 1988 <br />TO: Jim Andre <br />FROM: Craig A. Waldron <br />SUBJECT: Potential Lexington Comprom <br />The potential for a Lexington school <br />could potentially be feasible. The <br />to the compromise are as follows: <br />1. Kaufhold would dedicate 1 acre t, <br />2. The school district would have <br />acre to the city, and subtract <br />original purchase price. <br />3. The city would purchase one acre <br />of $157,000 that could be paid of <br />creates a three acre park to the <br />4. The area northwest would be zone <br />acre, 2 to 3 stories high) whi <br />family housing. At the develop <br />per sq. ft., this would requ <br />$294,561. <br />5. The northeast 2 acres would be zc <br />facilitate a 20,000 sq. ft. str, <br />not provide subsidy for this devi <br />increment to write -down the housi <br />6. In final the city's housing coil <br />potentially total 451, 561 dollars W111%.:11, jid5eu on increment <br />of 64,340 per year would create a payout of 10.71 years. <br />7. If this were deemed a workable compromise, the city would <br />have a contractual agreement with Kaufhold that would allow <br />him to close on October 1, 1988 with a city commitment to: <br />A. Purchase the one acre park. <br />B. Be prepared to enter into <br />facilitate housing on the <br />site. <br />a tax increment program to <br />southwest portion of the <br />C. Move forward with the modified zoning plan based on the <br />compromise. <br />