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City Administrator Ulrich stated they are not able by a charter to force assessments on Hageman <br /> on this case; however, Capstone could front the cost and as property develops the hook up fee or <br /> assessment cost could go back to Capstone for reimbursement. The City does not want to pay <br /> that entire cost. <br /> Chairperson Steffen asked if the City was getting ahead of itself if they were to rezone Hageman <br /> before Capstone because it could fall through. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated from purely a business park <br /> perspective this layout might be better for the City. He reviewed the advantages with the Board. <br /> Member Skaff asked if zoning would allow for a potential school to go in there again. <br /> Community Development Director Gladhill stated they do not have a zoning district right now <br /> that allows for both, they would have to create that district. <br /> Member Hardin asked if the study should be done before they embark on a zoning change and do <br /> they know what the price per square foot will be upon completion of the infrastructure. How <br /> much would they have to sell this land for and would it be competitive with other cities. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the price per square foot is $2.00 <br /> a square foot on the Hageman properties and he thought it would be logical to eliminate risk that <br /> they will jack up prices on the back end so they will need to come to some sort of agreement on <br /> asking price on the property to protect the City. He stated the market asking prices for industrial <br /> land ranges from $2.50 to $3.50 per square foot in the surrounding cities. Deal prices are lower. <br /> He indicated the $2.00 per square foot includes the current assessments. He thought they will <br /> need to discuss future assessments and come up with an agreement with Hageman on those <br /> items. He stated internal assessments will need to be paid for by the developer. <br /> Member Hardin indicated the explanation did not answer his question of what the future price <br /> would be of this land because they are talking about rezoning the property without knowing what <br /> the future price will end up being. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the Board could do an analysis <br /> of what internal infrastructure would look like and how it would affect project prices they could <br /> do that in the future. <br /> Member Hardin stated he was concerned with how they are competing with neighboring <br /> communities and if the future costs will be consistent or too high/low. <br /> Member Hardin left the meeting at 9:45 a.m. <br /> Chairperson Steffen asked what happens to the $8,000 the EDA will be spending for rezoning. <br /> Community Development Director Gladhill stated they can discuss this. The City does not <br /> charge the applicants that amount of cost if there is a Comp Plan Amendment. This is a little bit <br /> Economic Development Authority/December 8, 2016 <br /> Page 10 of 11 <br />