HomeMy WebLinkAbout1995-08-29 CC Packet Special Meeting
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AGENDA
CITY OF STILLWATER
CITY COUNCIL MEETING NO. 95-28
August 29, 1995
SPECIAL MEETING
7:00 p.m.
Council Chambers
CALL TO ORDER
ROLL CALL
1. Workshop
a. Discussion of proposal by Gerrard Realty Corp. for coordinated public parking and
housing development at UBC storage site.
2. Continued discussion of 1996 Budget
3. Other business
. ADJOURNMENT
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MEMORANDUM
TO:
Mayor and City Council
FROM:
Steve Russell, Community Development Director
DATE:
August 18, 1995
RE:
CONSIDERATION OF REUSE OF UBC STORAGE YARD SITE FOR
CONDOMINIUM PUBLIC PARKING
Background
In June 1996, the UBC site will be available for public parking. At this point, Gerrard Realty, a
residential developer from LaCrosse, Wisconsin, has indicated an interest in the UBC site for
construction of a recreational/condominium project.
NSP Ownership
As per the transaction with UBC and NSP, NSP is purchasing the UBC site for approximately
$200,000 and will then clean up the site. The site area is 63,485 square feet or nearly 1.5 acres.
The site when cleaned up is estimated to be worth $5to $7/square foot or $300,000 - $500,000.
The city has the first right of refusal to purchase the UBC site from NSP. By working with
Gerrard Realty, the city would be giving up first right of purchase. NSP would continue to have
access to the site for monitoring.
Parkini
It is estimated that 125 surface parking could be constructed by the city for $200,000 or $1,600
per space. After construction of the lot, the city would lease the lot for $7,000 - $10,000 per
year. With the Gerrard proposal, the city would get structural covered parking. The cost of the
covered parking would most likely be higher than the surface parking. The cost implications can
be discussed at meeting time.
Key Issue
Cost of parking under existing City/NSP agreement and cost of parking with Gerrard/City
agreement.
Land Use
The land use described in the letter dated August 10, 1995 by the developer is recreational/
condominiums. The term and extent of recreational condominium use needs to be defined to
understand the effect of the land use.
It is critical to the downtown to maintain a balance between community serving and visitor
serving uses. Most recently, visitor serving development (hotel development) has occurred. The
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residential land use is allowed with a special use permit in the Central Business District, CBD.
Because the city has some involvement with the site, the city has more than zoning control over
its future use.
TIF
The project site is in the TIF district but not a generating site. The site will not generate TIF
revenues as it currently exists.
Design
The design ofa future structure is critical to the appearance of the downtown. Any project would
have to meet the Downtown Design Guidelines through the design review process.
Recommendation
Consideration of parking costs and land use information and direct staff to proceed with private
development/public parking development or public parking development only.