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1 <br />ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3C <br />STAFF ORIGINATOR: <br />EDAC MEETING DATE: <br />TOPIC: <br />Michael Grochala, Community Development Director <br />Claire Knopf, Community Development Intern <br />August 3, 2023 <br />Redevelopment/Strategic Acquisitions Property ID. <br />BACKGROUND <br />The EDAC has been evaluating funding options to support economic development initiatives <br />including strategic acquisitions of property that further our goals. At the June 1, 2023 EDAC <br />meeting there was a discussion of funding for strategic acquisitions. It was recommended that <br />internal funds would be used for strategic acquisitions and that these loans could be paid back <br />through land sale proceeds, tax increment financing proceeds, utility funds (if a sewer or water <br />project), or state aid street funds (if a road improvement) at the time of development. <br />Going forward, the first step is to identify redevelopment and strategic acquisition locations. In <br />2010, EDAC acted as a Redevelopment Task Force to study the issues surrounding underused <br />and nonconforming properties in the City. As a result, the 2011 Redevelopment Task Force <br />Report was produced, which includes an inventory of properties that were difficult to maintain, <br />expand, or redevelop. This report was used as the baseline to identify current locations for <br />redevelopment consideration. An updated property inventory has been made, including the <br />addition of a few strategic acquisition locations for EDAC review. <br />Staff may recommend removal of certain properties from the list and consideration of any other <br />properties the EDAC may identify to add. <br />EDAC CONSIDERATION <br />Staff is requesting EDAC feedback of the draft Redevelopment and Infrastructure Site <br />Identification Inventory. <br />ATTACHMENTS <br />1. 2023 Redevelopment and Infrastructure Site Identification Inventory.