HomeMy WebLinkAbout5B - Waterfront Passage Business Office Park
AGENDA ITEM:
PREPARED BY:
SUBJECT:
DATE:
INTRODUCTION:
BACKGROUND:
DISCUSSION:
5 (b)
KAY KUHLMANN, ACTING CITY MANAGER
CONSIDER COST STRUCTURE FOR WATERFRONT PASSAGE
BUSINESS/OFFICE PARK
JANUARY 4, 1993
The Economic Development Authority approved the
purchase of the Adelmann property for the
purpose of creating an office/Business Park on
July 6, 1992. Since that time, staff has been
processing the plat, developing marketing
materials and preparing specific cost structures
for the sale of the property. This agenda item
has been scheduled to share with the Council the
cost structure proposed for the sale of the
lots.
Staff has been working with Jim Hill Junior and
Roger Guenette through the course of the
project, including preparing the original
proforma and subsequent financing documentation.
At this stage, Mr. Guenette and Mr. Hill have
prepared two documents entitled: "Pricing Work
Sheet" and "Revenue/Cost Comparison Summary
Report". The documents identify a cost
structure that will guide the sale of the
Waterfront Passage Business/Office Park
property. (These documents are attached.) Note
that the specific figure will not be discussed
at the meeting because of the confidential
nature of the information.
Staff has been working with several interested
parties and is at the negotiation stage with one
business owner. In order to proceed with the
ne~otiations the EDA should be aware of the
pr1cin9 structure that staff is proposin9 to
work w1thin. The Economic Development Comm1ttee
did review the documents in great detail at
their annual meeting on December 11. Mr. Hill
and Mr. Guenette addressed questions of the
Committee. The Committee did recommend approval
of the documents as presented.
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPlDYER
The attached documents will provide a background
and summary for the Council. Roger Guenette
will be at the EDA meeting to make a
presentation on the reports, and address any
questions on the documents. The documents and
the ~roposed cost structure provide a guideline
with1n which staff will negotiate sales. All
pro~ects will be brought before the EDA for
proJect specific approval.
RECOMMENDATION: The City Council is asked to review the
documents and approve them as written. The
documents will be used as a basis for land sales
in the Waterfront Passage Business/Office Park.
ALTERNATIVES: The alternatives are as follows:
1. Approve the Reports as written.
2. Table the item for more information.
3. Deny approval of the reports.
ACTION REQUIRED: A motion to approve the reports as written.