Agenda - Council - 11/28/1995 - Laserfiche WebLink

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I I I I I I I I CASE FIRST STATE BANK OF ISANTI FACILITY/ OLD TOWN HALL SITE By: James D. Gromberg, Economic Development Coordinator and Ryan R. Schroeder, City Administrator Notification: First State Banl~ of Isanti and their representatives, particularly KKE Architects, have been notified of this meeting. As the property is owned by the City, no other parties have been formerly notifi&l. Background:~ At the August ~, 1995 City Council meeting, the Council passed a motion directing City staff to continu~ negotiations with the First State Bank of Isanfi regarding the development of the property.i At this time, the bank has identified a site design that they like. Attached to this ease is a icopy of that site layout. In addition, the City and the bank have reached a tentative agreement concerning the redevelopment of the site including the old town hall. As in the past, We are including only the pages from the development agreement that are not standard language. With that in mind, the following are the main points: 1. First State Bank of Isanfi would provide $80,000 for the rehabilitation of the old town hall structuie. 2. The bank, or their agent, would provide for the administration of both the rehabilitation project and ~e bank construction with both projects being completed simultaneously. o The new bank would be constructed in a style similar to the current drawing allowing for both th~bank and the old town hall to be complimentary and provide a uniform look to that area Df Highway//47. The City will provide the funds from the State Historical Grant of $16,000 and the $22,000 fr0n the CDBG funds. The bank's liability would be limited to the $80,000. From the $80,000, the City would have the opportunity to recover expenses incurred to prepare the site for resale including legal, environmental survey work and site clearance. The Council ha~ discussed issues regarding reuse or relocation of the Old Town Hall in the past. While thts building needs renovation due to deferred maintenance, it is the singular most signific~t historic structure in the City of Ramsey. Once it is demolished or removed, what ks lost can never be recovered. If moved to a non-commercial location, the ability for futur~ revenues derived from this public property will also be lost but for resale of the property; Finally, this site is an entry node for the community with natural public relations benefit.to maintenance of the facility as an historical resource. With that in mind, the bank has degigned their site to compliment the Town Hall facility. In fact, it is integral to their marketit~g concept for the bank. The City has reCeived two calls as to the possible renting of the old town hall after its refurbishing. T~hese uses have been for a craft/antique store and an insurance agency. The City will need t~ develop a plan for the rental/use of the building upon its completion. The City may want to consider the following scenarios: