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Study Session February 14, 2005 because this includes intangible aspects, it is difficult to predict now. Some discussion on this point followed. Mr. Ollendorff said lower priced condominiums should not be constructed on premium priced property. Councilmember Welsch asked if high rise residential allowed for mixed-use commercial on the bottom, and was advised by Mr. Ollendorff "not yet", because an amendment to the zoning needed to occur first. Then Ms. Welsch asked if there was any monitoring of condominium sales in University City and was advised that a member of the team he mentioned previously commented that they are selling quickly where he lives. High quality condominiums "are the market." Office and rental properties are currently over- saturated in the market. Councilmember Colquitt asked if the building behind the school was part of the site for sale and was advised yes. Mayor Adams asked if mixed use was allowed, if Jacob could return and reapply for the part of his development that he had originally wanted mixed use and was advised yes and that Jacobs knows that. Some discussion followed. Mr. Ollendorff concluded by stating that his purpose was to report on items set out in public documents, how he interpreted them, the reaction received, to ensure that he is representing the City Council properly and that they agree with his interpretation of what they want. Mayor Adams reiterated the Council's wish that the City Manager always report what is happening in economic development to them. EXECUTIVE SESSION: Mr. Sharpe moved the Council adjourn into Executive Session to address a real estate issue per RSMo 610.021 (3) and Ms. Brot seconded. The roll call vote was as follows: AYES: Ms. Colquitt, Mr. Brungardt, Mr. Wagner, Ms. Brot, Ms. Welsch, Mr. Sharpe and Mayor Adams. The Mayor adjourned the Study Session at 5:57 P.M. Leisha Meine Forsythe, City Clerk Page 3