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<br />Case # 2 <br /> <br />Consider Acquisition of 16000 St. Francis Boulevard <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />City Council authorized the award of contract for engineering services, and the undertaking of a <br />feasibility study for the construction of a water tower in Elmcrest Park on April 22, 2008. During the <br />site investigation it was found that the soils in the proposed location of the tower were unsuitable for <br />standard construction practices. The cost to construct the tower in the proposed location has <br />increased by approximately $400,000 for the installation of piles to support the structure and carry <br />the load to the underlying suitable soils. <br /> <br />Staff worked with our geotechnical consultant on three alternative locations in the area that may be <br />more suitable to reduce the additional cost of pilings. Of the three locations explored only one came <br />back with favorable results, 16600 St. Francis Boulevard. In addition to having better soils this site is <br />also approximately 10' higher than the previously proposed location within the park. Therefore, it <br />would not only reduce the cost for the foundation system, but the additional elevation would also <br />reduce the overall cost of the tower construction. The initial indication is that for every foot of <br />elevation gained there is a $10,000 savings, resulting in another savings of approximately $100,000. <br /> <br />This parcel is owned by Oakwood Land Development and it currently sits vacant, aside from some <br />minor storage in the outbuilding, and John Peterson has stated that he is open to the City acquiring all <br />or a portion of the property. He currently has a mortgage on tl1e land so any discussions would also <br />have to be approved by the mortgage holder. <br /> <br />This property is just to the south of the 16th commercial node that will be researched as part of the <br />BuXton Study. City Council has asked the EDA and BRA to investigate the opportunity to acquire <br />the entire 14.22 acre parcel at 16600 St Francis Boulevard. The property is currently zoned R~ 1 but <br />the construction of a water tower may minimize that property value for residential development. <br />Staffis asking the EDA to consider the acquisition of this site and to discuss potential uses. <br /> <br />Funding Source: <br /> <br />"TBD <br /> <br />Recommendation: <br /> <br />None <br /> <br />EDA Action: <br /> <br />Based on Discussion <br /> <br />EDA: 07.10.08 <br /> <br />-11- <br />