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}. July 1, 1987 !v TO: Jim Andre FROM: Craig Waldron SUBJECT: LEXINGTON SCHOOL DEVELOPMENT CC: Bob Bierscheid Dahlgren, Bierscheid, and I met with the Lexington School developers today, July 1, 1987. The following transpired during the course of the meeting.. 1. The developers are proposing a new building which will be essentially in the center of the property, somewhat closer to Lexington, with a parking lot adjacent to the property owners. An enhanced buffer would be placed adjacent to the property owners to the south. 2. The plan depicts the ten percent dedication to the City, pur- portedly at-$100,000 cost to the developer. The remaining area needed for the park is approximately 45,850 feet. The developer is tentatively offering this land to the City at the price of $125,000. It was stated that the cost was originally $150,000, based on the value of the sites for potential duplex develop- ment. Thus, the developer is supposedly discounting the property by $25,000. This works out to a cost to the City, per square foot, of $2.73. 3. It was determined that the layout is essentially workable, with the contingency that appropriate parking be made available for the ball field. We stated that the price, based on potential duplex value, is simply too steep. The developer will be moving forward to meet all of the planning requirements for the August Planning Commis- sion and City Council meetings. A formal purchase price will be submitted to the City for the ballpark land as soon as it is refined and finalized. In my opinion, at this point in time, it is critical that the City establish an internal working number with respect to the bottom line that we are willing to pay for the 45,850 square feet.