City Council Minutes 2013 04 02 - Laserfiche WebLink

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City Council Meeting Minutes April 2, 2013 Page 7 of 21 and apply for grant funding; 3) Collaborate with the City and its citizens for consensus; 4) Facilitate bringing together prospective developers/tenants, citizens and the City and 5) Implement the best solutions based on community consensus. The estimated total cost for this proposal assuming $750,000 in stabilization costs, is $86,000. Total cost to the City to only stabilize the Grain Elevator for this proposal would be as follows: Land Acquisition $950,000 Stabilization $750,000 Hartronft proposal $ 86,000 $1,786,000 Olde Towne Group, LLC proposes a three phase redevelopment of the property. The first phase is a complete stabilization of the Grain Elevator, the second is an appropriate adaptive re-use of the Grain Elevator while finding a short-term tenant for the NAPA building, and the third is a compatible mixed-use infill development of the remaining property. Their goal for the Grain Elevator is to preserve its historic and structural integrity to the fullest extent possible in identifying a viable adaptive re-use and preparing the building for such re-use. Olde Town Group, LLC requests assistance for Phases 1 and 2 of the project. Phase 1 requests donation of the property and $795,000 for the Grain Elevator stabilization. They also request an additional $380,000 for Phase 2 to assist in the Grain Elevator adaptive re-use for a tenant. The total request for assistance from Olde Town Group, LLC is as follows: Donation of Property: $950,000 Stabilization: $795,000 Adaptive Re-use Assistance $380,000 $2,125,000 Staff recommended negotiating with the Olde Town Group for the following reasons: 1. The proposal is a developer focused approach meeting the requirements of the Request for Proposals. 2. The Olde Town Group team has extensive experience with historic preservation and adaptive-reuse projects and has experience with a Historic Grain Elevator. 3. The requested assistance is tied to the preservation of the Grain Elevator, the main reason for the RFP. 4. Olde Town Group is committed to saving the Grain Elevator and putting a use into the building that respects the building and allows residents and visitors to enter it.