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Last modified
2/20/2024 9:05:39 AM
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2/20/2024 8:58:51 AM
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Planning Files
Planning Files - Planning File #
1404
Planning Files - Type
Miscellaneous
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M E M O R A N D U M <br />r <br />DATE: June 20, 1989 <br />TO: Steve Sarkozy <br />FROM: Craig A. Waldron <br />SUBJECT: Solution to Post Office Situation <br />Roseville Properties has been negotiating with the Post Office <br />regarding a leased site on the former AT&T building in the B-2 <br />area adjacent to the new City bridge. I have viewed this <br />development as extremely positive, simply based on the traffic <br />and attention that this draws to the commercial corridor that the <br />City is attempting to develop. The problem that has occurred, <br />regarding this development, relates to the fact that the <br />proposal by Roseville Properties, before the Planning Commission, <br />was not deemed to be appropriates in terms of overall development <br />quality. Subsequently, the original proposal was tabled by the <br />Planning Commission. Howard Dahlgren has been working with <br />Roseville Properties to find a solution to the problems on the <br />site. The problems range from parking, d n exterior, <br />usetof <br />the rear part of the building as opposedI stated <br />c. <br />After discussing this issue with Howard and Frank Rog, <br />that I would figure out how to finance potential improvements and <br />demolition on this site, assuming that a workable solution could <br />be reached regarding the aesthetics of the site development. It <br />now appears that a solution is moving forward as it relates to <br />the aesthetics of the site, thus, I have been negotiating with <br />Roseville Properties regarding financial assistance. <br />Roseville Properties was originally requesting $200,000 to <br />facilitate the removal of the front part of the building and to <br />construct the additional site improvements. After reviewing the <br />costs, it is my recommendation that $175,000 would be <br />appropriate. I arrived at this figure through assuming a 2 year <br />offset for lost rent on the 12,000 sq. feet, plus the actual cost <br />of demolition. The developer will be losing $325,000 in building <br />value and the future rents. In addition, the other required <br />improvements on this site will cost Roseville Properties <br />approximately $144,000. Roseville Properties has also stated <br />that approximately $150,000 will have to be paid on the existing <br />mortgage on the building "'up front" in order to match the new <br />asset value with the loan amount. Roseville Properties will also <br />be moving forward to request additional rent from the Post <br />Office. <br />
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