06-06-2006 HRA - Laserfiche WebLink

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Housing & Redevelopment Authority June 26, 2006 Page 4 Commissioner Wilson stated he has visited downtown a few evenings and noted it was difficult to find parking due to the amount of cars parked there. He hopes the businesses are doing well. Consider Acquisition of Properties Described as 716 and 720 Main Street Ms. Mehelich stated Houlton Investment Company contacted staff to discuss the IRA's interest in purchasing the properties at 716 and 720 Main Street. She reviewed the parcel and building sizes, county market values, property taxes, and additional unique features of the two sites. Ms. Mehelich stated the city could use this land in the future for additional downtown parking. Mr. Clark provided a current and future parking analysis. He stated there is currently a shortfall of 96 stalls and after downtown construction is complete there will be a shortfall of 53 stalls. He stated current parking needs are not being met and expressed concern over bank employees crossing TH 10 from their parking lot. Ms. Mehelich noted there is competition between employee and customer parking. She stated the city needs to develop a long term strategy for parking and it would be advantageous to purchase these parcels now due to this offer being a non -leveraged sale, changes in eminent domain laws, and avoidance of relocation costs. Commissioner Motin stated it would be appropriate to consider the acquisitions at this time. He questioned financing. He stated the amount being requested by Houlton Investment Company seems high. Commissioner Toth stated concerns with public perception of the city purchasing these properties for a parking ramp when the city is supposed to be drawing new business to the downtown rather than removing them. Commissioner Kuester stated a parking lot should make business owners happy because parking is an issue in the downtown and this would provide relief. Ms. Mehelich stated the city is adding 20,000 square feet of new commercial space to the downtown. She stated these two parcels have been difficult for the property owner to lease out due to the size of the space in them. Commissioner Motin stated the city needs to be proactive and consider future parking needs. He stated if the city doesn't consider buying these parcels, the downtown business owners might question why the city is bringing in more business when they haven't been able to provide enough parking. Commissioner Motin stated he is interested in a contract for deed situation and is not inclined to remove the buildings for parking immediately. Commissioner Toth stated the city should start planning for a future parking ramp. Commissioner Motin stated if a parking ramp is built some of the costs should be assessed to business owners because they would benefit from the additional parking Commission Lieser stated the city should purchase these two lots. She stated it would open up the visibility to the existing parking lot and the downtown area. She stated it should be leased for awhile and then the city could consider building a ramp in the future.