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M E M O R A N D U M _ <br />DATE: April 15, 1988 _ cold woll <br />TO: Jim Andre --7 /J fi7(9 / <br />. Zed <br />FROM: Craig A. Waldron &.& 4 C040e k/i Ny <br />SUBJECT: Potential Developmei <br />on the Lexington School Site <br />Attached is analysis regarg potential development on the <br />Lexington School site with respect to housing, park and <br />commercial projects. The analysis is predicated on offsetting <br />the developers cost with respect to fair market value and <br />purchasing any of the park land desired beyond the initial 1 <br />acre, which would be dedicated. <br />It appears that a number of scenarios can work, both in terms of <br />the city's priorities and potential tax increment. <br />It would be my recommendation that the city offer to work with <br />Kaufhold and a number of the major housing developers to review <br />the potential of a housing/park development on this site. This <br />would seem to be the most logical step in that it would offer a <br />situation for all parties involved. The scenarios will be <br />discussed in more detail at the work session. <br />