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MEMORANDUM <br />DATE: July 27, 1988 <br />TO: Jim Andre <br />FROM: Craig A. Waldron <br />SUBJECT: Potential Lexington Compromise <br />The potential for a Lexington schoolc crp tical lement relatimise ng <br />with Mr. Kaufhld <br />could potentially be feasible. The <br />to the compromise are as follows: <br />1. Kaufhold would dedicate 1 acre to the city. <br />2. The school district would _have <br />that amount dedicateto fromKaufholdan as <br />acre to the city, and subtract <br />original purchase price. <br />3. The city would purchase one acre�rotm Kauf old t the effectrie <br />of $157,000 that could be paid o, <br />creates a three acre park to the south). <br />4. The area northwest -would be zoned R-3A (seventeen units per <br />acre, <br />2 to 3 stories high) which would facilitate multi- <br />family housing. At the developer rice of $3.62 <br />per sq. ft., this would require purchase a city write -down of <br />$294,561. <br />5. The northeast 2 acres would be zoiedcommercial, <br />The which would <br />hich could <br />facilitate a 20,000 sq. ft. str p center. <br />not provide subsidy for this development, but would use the <br />increment to write -down the housing costs. <br />6. In final the city's housing commitment to the site could <br />potentially total 451,561 dollars which, based 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 8 With of c� ty commitment ld that would allow <br />him to close on October 1, 198 <br />A. Purchase the one acre park. <br />B. Be prepared to enter into a tax increment program to <br />facilitate housing on the southwest portion of the <br />site. <br />C. Move forward with the modified zoning plan based on the <br />compromise. <br />