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Chairperson Steffen asked if they were at a disadvantage when the landowners want to get a <br />good price for their land. He wondered if they were at the right price point. <br />Mr. Mulroney thought they were right in scope for the price of the land. He stated the market is <br />used to seeing $2.00 -$2.50 a square foot with all options included. <br />Member Riley was hoping to hear if there is some sort of formula in regards to price per square <br />foot of the 300 -foot buffer. <br />Mr. Mulroney thought this was an excellent strategy and made some sense. He thought they had <br />to also measure what is actually available, which may move the bar a little higher depending on <br />what is available to industry that is currently looking. <br />Member Williams stated the Council likes to have a cost but she did not see that. She thought if <br />the prospect is a precision manufacturing company they would have a price point they would be <br />willing to pay and they would also know what they can bear. A precision engineering company <br />will not pay for a property next to the tracks. To say there will be a discount for being next to it <br />does not necessarily matter. She did not think they should always look at being by a railroad <br />track as a negative because some companies actually do not mind being by a railroad tracks. <br />Mr. Mulroney stated that was spot on. There are a lot of companies that would be willing to be <br />next to railroad tracks. <br />Member Williams asked what the zoning looked like that is being proposed for this. <br />Community Development Director Gladhill stated the purpose was to take what existing zoning <br />districts they have which had lower regulations on outside storage and manufacturing. They can <br />also make use of their two employment districts or create a third if they want to make it more <br />specific to this area. There would be outside storage with some limitations such as screening and <br />it is not intended to be heavy manufacturing but lighter manufacturing; similar to what they see <br />in the newer industrial parks in the City. <br />Mr. Mulroney thought the parcels by the railroad track off the highway would be a good spot for <br />an office /showroom in the front and warehouse in the back of the businesses, particularly with <br />the depth of the property there. <br />Member Riley stated with the business park they have talked about spending money now and <br />they have never seen numbers on what this may cost the City and what the City may get out of it, <br />what makes this a good idea and whether it is economically feasible. He stated he knows this all <br />took time and it has to be done in steps, but they have to know if it looked like a good idea on <br />paper and if the numbers work, would it be feasible for the City and does it make sense. He <br />thought they needed to see what the costs are. <br />Economic Development Manager /Assistant City Administrator Brama stated they need to do the <br />review process before they will know what the costs will be. He indicated they also need to run <br />Economic Development Authority/March 5, 2015 <br />Page 3 of 6 <br />