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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br /> <br />STAFF ORIGINATOR: Michael Grochala <br /> <br />EDAC MEETING DATE: August 3, 2023 <br /> <br />TOPIC: Lake and Main Redevelopment Update <br /> <br />BACKGROUND <br />The 5 acre Carpenter property and abutting 4.5 acre Bigco property have been on the market <br />since early 2021. Over the past two years staff has been working with the property owners and <br />potential developers regarding development options on the 9.5 acres. The site includes an auto <br />salvage yard that has been in existence for over 40 years, vehicle sales lot, auto repair, and a <br />contractor shop. It is likely some environmental cleanup will be necessary to facilitate <br />redevelopment of the site. <br />Anderson Companies began working on a redevelopment project in October of 2021 and last met <br />with advisory boards in August of 2022 and the City Council last September. Anderson <br />continued to work on the concept through February of this year with a new development team. <br />However, they dropped the contract on the property in March. Closing the gap in project <br />financing continues to be a problem. Staff has since been working with the owner to identify <br />other potential developers over the past four months. At the same time the Owner is also <br />considering sale to the existing auto sales operator. <br />Staff is anticipating a discussion between the EDAC and a new development team in September. <br />EDAC CONSIDERATION <br />None. Discussion only on City objectives, and financial assistance options. <br />ATTACHMENTS <br />1. Site Location Map