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Study Session February 14, 2005 on the first floor. The City policy on this matter was summarized and shared with the Council as: 1) development of this property as high quality, high density residential, high tax base use; 2) it should not be used for off-the tax rolls, non-profit or a "big box" retail discount store; 3) the school building is not to be converted for another use. The Council preferred residential or office use, but the comprehensive plan specifies residential because there is no market for office. The comprehensive plan is meant to be realistic. The City Council also wants the comprehensive plan to include mixed use development, which is not currently included. Councilmember Wagner asked what extent of the property was for sale and was advised the whole property site. Mr. Ollendorff said he told the School District that the City is "pro development" and regards this site as the primary economic development site. The City and the School District are in total agreement on two goals: to obtain the maximum dollars and to achieve top dollar long term, with both City and School District realizing big tax income from the property "forever." The City therefore wants to encourage the use that achieves these two goals. The City is not in favor of another alternative. Mr. Wagner reiterated that the Council wants mixed-use commercial. Mr. Ollendorff said that he did tell the school board people about this desire. The form of mixed use is to include first floor, high quality retail to serve high-income residents from that area. The quality of retail should match the quality of the neighborhood. General shopping can take place in the next block. Also, Mr. Ollendorff said, the City Council adopted an economic development policy that makes it clear that the City is able to afford limited assistance. Primarily, it can offer three-four years property tax abatement for developers during the initial start-up period, on a case by case basis. The market is for condominiums for sale, not for rental units. There is a "one stop shop" for developers at City Hall, including tax break, building permit, to electrical inspection. The first step would be to change the zoning from "public activity" to "high rise residential" to show good faith to the developer that the City would start the process. There are two categories for residential high rise apartment zoning: one is the normal high density residential zoning and the second is a planned development district. The second type can only be applied in conjunction with a very specific development plan. To jump start, the area would be rezoned to "high density residential", even knowing that possibly it would be moved to a different category later. The realtors are very much in favor of this approach. Some discussion about the application of these points ensued. Mr. Ollendorff said there had been four interested parties in high rise residential development and he mentioned some specific examples. Councilmember Brot voiced the opinion that she would have liked to be made aware of this information prior to Mr. Fischer of the Delmar Court Condominiums being made aware of it and Mr. Ollendorff replied that everything shared today is public information on publicly adopted policy. Some discussion on this point followed. Ms. Brot asked about the prices of condominium units at this site, and Mayor Adams advised that prices are based upon the cost of the land, construction costs, how high the building rises, and Page 2