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Louisville City Council Meeting <br />December 4, 2001 <br />Page 10 <br /> <br />Mayer asked Wood about the area identified as open space. Wood stated that the area in <br />question is the first of two site plans, and the open space area is a reflection of what will <br />be developed in Phase I. <br /> <br />Mayer addressed the tree issue along McCaslin and asked Wood if the design guidelines <br />specify trees on all arterial right-of-ways. Wood stated that the requirement is 1 tree for <br />40 feet of linear frontage, located outside of the sidewalk. He stated that there is a 1 per <br />20 on all perimeter property lines. He explained that the 1 per 20 is divided into two <br />pieces when property is adjoining an arterial with a sidewalk. He stated that half of the <br />trees are in the right-of-way and half on private property, no more than 10 feet behind the <br />sidewalk. He explained that essentially there are two columns of trees. <br /> <br />Mayer asked the location of the shade trees and if they were in the Walgreen's frontage. <br />Wood stated that there are nine trees located on the left side of Walgreen's on private <br />property. <br /> <br />Mayer asked the applicant about his statement that the project would generate sales tax <br />revenue for the City. He asked Pedersen the amount estimated to come from the <br />Walgreen's. Pedersen estimated the revenue would to be between 4.5 and 5 million <br />dollars. <br /> <br />Mayer asked Pedersen why the bicycle racks were placed in the rear of the Walgreen's <br />Building opposed to the front. Jeff Pedersen, Project Architect, stated that the placement <br />was not for any specific reason and could be relocated. Mayer suggested that the bike <br />racks be moved to the front. <br /> <br />Sisk asked Pedersen, if there was a previous offer of $15,000 for cash-in-lieu of land <br />dedication. Pedersen confirmed the offer of $15,000. <br /> <br />Sisk stated that the1980 value of $7,560 currently would be closer to $32,000. He <br />stressed that was the spirit in which negotiations started. Sisk asked Pedersen if he was <br />in the process of purchasing the property. Pedersen responded yes. <br /> <br />Sisk asked Pedersen why he went through the process of an appraisal. Pedersen stated <br />that was in compliance with the Municipal Code. <br /> <br />Sisk stated that the property was listed for $10.00 per SF and noted that the property was <br />appraised at $3.50 per SF. He asked if the best value listed is in the purchase price. <br />Pedersen stated that the appraisal may be a reflection of the collapse of the office market. <br /> <br />Sisk asked Pedersen if he felt the City should accept the appraisal of $3.50 per SF for the <br />property. Pedersen stated that the appraisal was done by standard appraisal practices, by <br />assessing the value of comparable properties. <br /> <br />10 <br /> <br /> <br />