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Economic Development Advisory Committee <br />July 8, 2021 <br />Page 4 <br />Mr. Tucci stated that they worked with consultants that did a market study which <br />determined there is a need for this type of product. <br />Mr. Cravero asked Mr. Grochala what the increased number of people would cost the <br />City in terms of city services. <br />Mr. Grochala stated that it has hard to estimate without doing a detailed study. <br />Mr. Cravero commented that he thought this was a good project however would like to <br />see more numbers. <br />Mr. Wagner commented that this project is worth investigating. This project would <br />ultimately fix a blighted space in the City. <br />Mr. Vojtech commented that we can't guarantee who will move into these apartments. <br />He agreed that there is a need for this type of product but stated that the City should <br />consider what we want and don't want especially if we are considering increasing the <br />density. <br />Mr. Tucci reiterated that the board seems open to continuing the conversation but <br />would like to see more information and that starts with a market study. <br />Mr. Wagner concurred and stated that it would be foolish to not gather more <br />information. X <br />Chair Schueller asked what the Cities position is on this project. <br />Ms. Larsen stated that redevelopment of this property has been in our comprehensive <br />plan for over 20 years and it is an opportunity to fix a blighted area in the City. <br />Mr. Vojtech asked what the difference is between this pitch and the Woods Edge <br />developer forum where they were asking for public assistance. <br />Mr. Grochala stated that they are not that different. They wanted to build high -end <br />luxury apartments but there was a gap between what they could build them for and <br />what they could rent them for. They were asking for assistance in order to close that <br />gap. Additionally, the City was the landowner. <br />Chair Schueller stated that the board is interested in the project and would like to put it <br />back on the agenda for the next meeting. <br />B. Project Updates <br />Mr. Grochala provided verbal updates to the Board on current City projects. <br />DRAFT MINUTES <br />