Agenda - Council - 07/14/2015 - Laserfiche WebLink

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Our Mistionc To work together to reipoiibly grew our comma nityr, and to provide quality, cert-oliBcdwe, and efficient government services. CC Regular Session Meeting Date: 07/14/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services Information 7. 7. Title: Continue Discussion Related to Dominium Development & Acquisitions, LLC's Potential Purchase of City Owned Property (portions may be closed to the public) Purpose/Background: PURPOSE: Continue discussion related to Dominium Development & Acquisitions, LLC's potential purchase of City owned property located within The COR. Specifically, consider a counter proposal from Dominium. Representatives from Dominium will be at this meeting to introduce themselves, provide background on their proposal, and answer questions. BACKGROUND: Please see City Council regular session case dated June 09, 2015 for detailed background information on Dominium, the proposed project, the draft Letter of Intent (LOI), and background on this case. At the June 09, 2015 City Council meeting staff was provided the following general direction/ counter offer to Dominium: 1. City assistance request needs to be in-line/ more consistent with other comparable projects before the City considers executing a LOI. Generally, the Council would like to limit TIF to about 15 years max. 2. The Council would like to see the project location slightly shifted to the northeast, to the COR -1 zoning district. 3. The Council will need to see equity in the project; not including other forms of government assistance. 4. The Council desires to see a mix of uses; which could include office, retail, etc. Since the June 09 Council meeting, Staff has had multiple discussions/ meetings with Dominium representatives. Below is Staff summarized feedback from Dominium on each of the Council requests: 1. Dominium is willing to adjust the LOI to include a request for 15 years of TIF; and then let Ehler's underwrite the project and determine a recommendation for Council/ Dominium consideration. Dominium would offer $4.50 per square foot ($5.00 per square foot asking price). 2. Working with City staff, and various consultants, Dominium did spend considerable time reviewing alternative locations (within The COR -1 zoning district). At this point in time, Dominium is not comfortable with a project located in the COR -1 zoning district. Dominium feels it is a priority to be located within walking distance to Coborn's and to have visibility from U.S. Highway 10. Dominium has adjusted their original offer in an attempt to compromise/ meet -half -way. Please see attached. In summary, Dominium is proposing to utilize the originally targeted lot. However, they would only use half (about 2.5-3 acres of the 5 acre lot), to be located further away from Coborn's, and to leave the remaining portion of land for commercial development.