CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Consider Ram West Capital LLC's request for feedback regarding the redevelopment of the Little Friends Property.
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: Allison Laff, AICP, Deputy Director
BOARD/COMMISSION REVIEW:
Not required.
BACKGROUND:
Russ Whitaker, attorney for Ram West Capital LLC, has submitted a letter (attached) seeking Council's feedback on a number of business terms related to the redevelopment of the Little Friends Campus located at 140 N. Wright Street.
DISCUSSION:
To date, City staff has only reviewed conceptual plans (attached) for the proposed redevelopment of the Little Friends Property. Should Ram West Capital LLC choose to formally pursue redevelopment of this site, they will need to submit an application, fees, and all required technical drawings. Based on the conceptual plan, it appears that this project will be subject to review by the Historic Preservation Commission, the Planning and Zoning Commission, and City Council.
Staff provides the following comments on the items raised in the attached letter submitted by Mr. Whitaker on behalf of Ram West Capital LLC. Staff does not recommend that any final design recommendations be made by the City Council until the project has been reviewed through the established process.
1. Little Friends Contribution. On May 1, 2020, Little Friends submitted a letter to the City (attached) which provides an overview of the history of bids received on the Subject Property. In this letter, Letter Friends requests the full incentive of $562,000 from the City in exchange for recording a covenant on the Subject Property that will prevent the demolition of the Kroehler Mansion. Based on the offers described in the letter, City staff believes $450,000 is the highest justifiable incentive amount, as this represents the difference between the highest current offers of $4.95 million (without the Mansion) and $4.5 mi...
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