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Economic Development Advisory Committee <br />July 8, 2021 <br />Page 3 <br />Mr. Grochala stated that the Department of Employment and Economic Development <br />still has some redevelopment and remediation grants available. <br />Mr. Tucci commented that the landowner would likely look into these grants. <br />Mr. Wagner asked if the City is looking at creating a TIF district. <br />Mr. Grochala stated that if there was a request for that it is something that the City <br />would consider on that site. <br />Mr. Wagner asked how long construction would take for this project. <br />Mr. Tucci stated that construction would take about 16 months. Ideally, construction <br />would begin in March and open in August. <br />Mr. Grochala asked what the valuation is for this type of project. <br />Mr. Tucci stated that they would have a consultant run a tax analysis but estimated <br />around 20 million. <br />Mr. Vojtech asked what specific goals a project needs to meet in order to get <br />consideration for 15 units per acre. <br />Mr. Grochala stated that the City Council has that flexibility to award that if it's a <br />project they like and is meeting a need within the community. Additionally, it is <br />important to consider the redevelopment of that corner. <br />Mr. Tucci commented about the potential for mixed use on this site. He commented <br />that they are not interested in doing a combination of higher density residential and <br />commercial services stating that it is going to be difficult to lease and will devalue the <br />property over time. <br />Mr. Grochala stated that the district is intended to allow for the most flexibility. <br />Mr. Cravero asked if the Lake Drive and Main Street intersection would need to be <br />built out. <br />Mr. Grochala stated that he did not think they would need to do anything to the <br />intersection beyond creating a dedicated turn lane into the site. <br />Mr. Vojtech asked who would manage the facility. <br />Mr. Tucci stated that they work with an equity partner that handles the management. <br />Mr. Vojtech asked how they determined the need for this type of product. <br />DRAFT MINUTES <br />