02/03/2022 EDAC Minutes - Laserfiche WebLink

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Economic Development Advisory Committee February 3, 2022 Page 2 APPROVED MINUTES Mr. Grochala stated the City is trying to establish and maintain a fund of approximately $500,000. The committee discussed land acquisition strategies. Mr. Hembre asked if it would be viable for the City to acquire a $500,000 bond for redevelopment purposes. Mr. Grochala explained the state dictates which authorities the City can work with for bonding services. He was unsure if that would be a viable choice, but he told the committee he would explore the option. Mr. Hembre inquired if a City owned parcel is sold, could a portion of those funds be reserved for the redevelopment and strategic acquisitions fund. Mr. Grochala stated if there are proceeds after the land is sold, the City can designate the profits. He recommended the City pursue the EDA levy as the main funding source and include interfund loans as a secondary source. He noted he would talk to the Finance Director to see if there are any other feasible options. Mr. Kohler said he would like to see a list of all City owned properties. Mr. Grochala commented the City owns many parcels, but not all of them are for sale. He said he would assemble a list of for sale parcels and provide it to the committee at one of the following meetings. Mr. Grochala also stated he would complete a comparison of commercial versus high density residential taxes and costs of service. B. Strategic Plan Implementation – Marketing Mr. Grochala, Community Development Director, presented the staff report. He informed the committee City staff will be updating the community profile handout and drafting the 2021 EDA Report. C. Project Updates Mr. Grochala provided verbal updates to the Board on current City projects. IV. ADJOURNMENT Mr. Vojtech made a MOTION to adjourn the meeting at 9:11 A.M. Motion was supported by Mr. Wagner, passing unanimously. Respectfully submitted, Janele Waterman, Community Development Administrative Assistant