01/22/1996 Meeting Minutes - Laserfiche WebLink

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Special Council Meeting ' 1/22/96 Page 5 Jeff Schiemann, a member of the Citizen's Advisory Committee in the audience, asked once the base model is in, can you predict profitability to the developers (what it is worth developing it to them as a base model versus if we gave them 130 acres of apartment buildings--can you predict how much more value there is in 130 acres of apartment buildings versus a Beta-Park type construction? Professor Simons said they will come up with a crude measure of profitability. We will have the cash flows and land sales. We will attempt.to do that as part of the project. Mr. Schiemann said versus building it out in apartment buildings. Professor Simons said it should be one of the features. Mr. Ferrante said he wishes they wouldn't mention the word apartments. Mayor Rinker said that is a good point Mr. Ferrante has brought up. We need to address this from the get go. The value of this thing is going to be our willingness to put everything on the table. Simply putting it on the table is not an endorsement. If we see this as an inventory process and weight everythin.g: appropriately, what we should end up with is the ideal--or one, two or three ideal scenarios--that people . could live with. The ones we reject, we know we will not be rejecting them simply because we don't like it. The existing zoning is without question the law. If we are going to make any change, it is going to be something that a number of competing interests are going to agree on--or we are just going to live with what we have. That is why the baseline model has to be the existing zoning, but any change after that-- we have to be realistic enough to consider different combinations. We need to be able to cornmunicate that to residents and let residents to have a say. Council President Fixl.er said this is an extremely imporiant factor in this subject: the zoning is what it is; obviously it takes a vote of our constituents to change it. The point is that as we are gathering this information, we can agree or disagree--but the point is we all have certain feelings of hoiv we want it to be developed. Our feelings are going to be input into this study, so all of our ideas of what we would like to see happen will be in this sttidy. Therefore, the model shoul.d come out the way we are anticipating it will. Mr. Busa asked Professor Simons to define land swap. Professor Simons said land swap is an exchange of land. You might fi.?d it as one of the options.