HomeMy WebLinkAbout[8a] Parkway Business Centercrrv of s•r..1~~xre .
Council Agenda Item g a
MEETING DATE: September 18, 2008
AGENDA ITEM: Administrator Reports -Parkway Business Plat
SUBMITTED BY: Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: The Planning Commission has
previously approved the preliminary plat entitled Parkway Business Center. The Plat consists of a
combination of Industrial and Highway Business Zoning. This rezoning has been completed with the
approval of the preliminary plan.
PREVIOUS COUNCIL ACTION: This plat has sat idle as the developer was working on financing and
prospective tenants and working out the final engineering details. As of this time, the engineering
concerns have been finalized. The Council confirmed the preliminary plat and zoning as recommended
by the Council.
BACKGROUND INFORMATION: The City currently has very few Industrial/Commercial lots that can be
marketed by the EDA. The Parkway Business Center is located in an area where utilities are readily
available and would provide the much needed industrial land. The last time the Council discussed this
plat there was concern regarding financing. The developer has been made aware that the City will
require the security if the project is publicly financed.
Last week Monte Eastvold provided information that the City may have an opportunity for refunding
some of the older bond issues, saving interest payments. As you recall he presented this option to the
City and we were waiting until the savings qualified for refunding. The City would have the opportunity
to combine the Parkway Business financing with the refunding, to reduce the issuance cost for both.
Staff is working on the Development Agreement and we would like to have that for Thursday evening. If
we do not, we can pull this matter from the agenda. There is a potential that some grading work can
begin this fall if everything is pulled together. The developer has indicated it is easier to sell property if
it is shovel ready. We will provide an update at the meeting on Thursday and forward any new
information as received.
BUDGET/FISCAL IMPACT:
ATTACHMENTS: Final Plat
REQUESTED COUNCIL ACTION: The staff will either be requesting approval of the plat and
development agreement, if we reach consensus, or we will be withdrawing the matter from the agenda
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