City Council Agenda and Packet 1978 06 27

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410 410 Regular Meeting, Louisville City Council, June 6, 1978 PAGE 3 C&S RR ANNEXATION REQUEST CONTINUED. . . Councilman Meier asked Mr. Mfzel if there would be any possibilities of development in the near future in the area? Mr. Mizel explained to Councilman Meier that when the market hit bottom in the early 1970's. there were 7,000.000 square feet of vacant ware- house space. In the last 90 Jaye there was an article in the Denver Post that stated availability in the warehouse space is less than 37. vacant. The industrial vacancies in the metropolitan area are very small and the absorption rate is between 200,000 and 300,000 square feet a month. If this is fact and we have the utilities available for anyone who wants immediate development we will be able to go forward with construction Virtually at this point the land is costing them nosey and with the exception of share cropping no revenue is being realized. Councilman DiCarlo asked of Mr. Mizel - if this annexation goes before Planning Com- mission and is approved and passed; however, if by chance it is not pawed what will happen to the rest of the development? Mizel re- plied without the funding of the RR and hinging on the property they had purchased it would be almost impossible to justify funding to RR Board of Directors without this additional parcel. Councilman DiCarlo remarked he would not like to have this look liks a squeeze play on the City. Mr. Mizel assured Councilman DiCarlo this was not the intent, they would like to have the funding from C&S but again stated they intended to go forward either way. Councilman DelPizzo moved that the C&S RR Annexation request be forwarded to the Plann- ing Commission for review and recommendations. Seconded by Councilman Meier. Question called for. 3 Ayes; Councilman DiCarlo, no. Motion carried. Councilman DiCarlo inquired how rany additional acres would be added if the rnnexation is approved. Mizel replied 172. 88 acres.