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Coordinator Parrish discussed a grant request submitted to the NB—MV Area Chamber of <br /> Commerce. The request was for$3500 and includes funding for an intern and economic <br /> 411 development marketing materials. <br /> D. Highway 10 Issues <br /> Director Jopke informed the Commission of an upcoming study regarding Highway 10. The <br /> study will be conducted by Springsted Public Finance Advisors and will incorporate previous <br /> studies, address potential financing options, and highlight action steps. Director Jopke <br /> indicated that a subcommittee comprised of city commissions, local business <br /> representatives, and other members of the community will meet on May 10th or 11tH <br /> E. Project Updates <br /> Coordinator Parrish updated the Commission on the Mermaid Hotel and Banquet Center <br /> and Walgreens developments. He indicated that the Mermaid had recently acquired an <br /> adjacent parcel of property, and has an option on an additional parcel of property. With <br /> regards to Walgreens, Coordinator Parrish indicated that preliminary plans have been <br /> received that incorporates a restaurant. <br /> F. May 15th Business Lunch <br /> EDA Liaison Coughlin announced that he will be holding a business luncheon in conjunction <br /> with the NB—MV Chamber of Commerce on May 15th, at 12:00 p.m. in Council Chambers. <br /> 6. EDC BUSINESS <br /> • A. Options for 2901 Highway 10 <br /> Based on a request at a previous EDC meeting and direction from the EDA, Coordinator <br /> Parrish highlighted three potential options to address the current condition of 2901 Highway <br /> 10. Options presented included purchasing the property, active code enforcement, and <br /> demolition assistance. After discussing the aforementioned options, a motion was made to <br /> recommend the provision of demolition assistance for 2901 Highway 10 to the EDA: <br /> Motion/Second: Goff/Carlson <br /> Motion Carried 4 ayes 0 nays <br /> B. Tax Increment Finance Policy Revisions <br /> After reviewing the Tax Increment Finance policy as presented, the following modifications <br /> were suggested: <br /> 1. Commissioner Goff and Carlson suggested that the EDC and EDA be incorporated into <br /> item 3 of"Pooled Funds' section to further define who decides on future development <br /> needs. <br /> 2. Commissioner Carlson suggested adding an item number 4 to the"Pooled Funds" <br /> section. It was suggested that this additional item further define the EDC's role in relation <br /> to the return of pooled increment to the respective taxing jurisdictions. More specifically, <br /> the EDC would review any proposed return of pooled increment. <br /> 3. Regarding "Parcel Decertification," EDA Liaison Dan Coughlin suggested that an item 3 <br /> be added to further define the EDC's role in relation to the decertification of particular <br /> parcels within existing tax increment finance districts. More specifically, the EDC would <br /> review any proposed parcel decertification. <br /> 4. Chairperson Tom Field addressed the need for a section discussing the establishment of <br /> new tax increment finance districts. <br /> 5. Director Jopke proposed additions to"Attachment A: Application for TIF Assistance"to <br /> N:\DATA\GROUPS\ECONDE V\EDC\M inutes\Mi n00\04-27-00.doc <br />