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6 <br /> Attachment 3 - Former Fire & Hearth Property Assembly Preliminary Site Due Diligence <br /> Fire and Hearth <br /> fl <br /> N <br /> +1 E <br /> i <br /> 4 7 1 <br /> f e�yv <br /> Background <br /> A three parcel collection of semi-contiguous parcels anchored by the former Fire & Hearth retail store and <br /> Browning Ferrell Furniture totaling approximately .9 acres is currently on the market for sale (hereafter <br /> `Fire & Hearth parcels'). This location is opposite of the 300 Main development on the north side of East <br /> Main Street. As currently comprised the parcels do not offer sufficient land area, or road frontage, to <br /> support development of a library facility. Vehicular access would also be complicated. Additional land <br /> area would have to be secured to achieve sufficient land area for library development as well as ensure <br /> proper vehicular ingress/egress to and from the site. <br /> Contiguous to these parcels is a .26 acre restaurant and a .1 acre single family residence not for sale. <br /> Inclusion of these two parcels would improve the use of the property, including access for a library <br /> project. As of the writing of this report there have been no overtures made to these property owners to <br /> discuss their attitudes on potential purchase options. <br /> The Fire & Hearth parcels will likely to be valued in the market at the equivalent$800K- $1 MM per acre. <br /> Using the $1 MM per acre figure as a benchmark, staff has estimated the cost of the full assembly(i.e. <br /> purchase of approximately 1.26 acres in support of library space development)would total approximately <br /> $1.26MM. This assumes successful purchase of adjacent properties. <br /> With surface parking feasible on this assembled site in lieu of structured parking, the budgeted costs for <br /> the Brewer Lane ground lease and purchased structured parking ($600K +$900K= $1.5MM) may be in <br /> line with this assembled site's purchase and surface parking development costs. <br /> Overall development costs are expected to be no greater than most other downtown sites (and which <br /> likely could be substantially less on the whole because the site could be surface parked). <br /> Conceptually, the buildings on the property would be deconstructed and the entire site developed for a <br /> single or dual level building with onsite surface parking. <br />