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Redevelopment 101 <br /> As the EDA & EDC discussed at their April 2008 Redevelopment Roundtable, <br /> redevelopment projects often require public assistance. This is because developers are <br /> not willing to purchase property (at prices that include both land and buildings) only to turn <br /> around and remove the existing buildings. The cost to construct new/high value buildings <br /> is cheaper to do on readily available/undeveloped land in nearby communities. As such, <br /> if the EDA wants to see redevelopment on this site in the near future, it appears the EDA <br /> will need to provide financial assistance to the project. <br /> Request <br /> Staff requests direction from the EDA regarding the following: <br /> 1. What level of financial assistance (if any) is the EDA willing to provide towards this <br /> potential project? In other words, is the EDA willing to consider assisting the <br /> developer with acquisition and/or redevelopment costs? <br /> 2. Is the EDA willing to explore additional redevelopment concepts for this 5.7-acre <br /> project area? If so, what type of land uses would the EDA prefer to see on the <br /> site? <br /> The developer is willing to share his project pro-forma with the EDA at a future meeting. <br /> Respectfully submitted, <br /> Heidi Steinmetz <br /> Economic Development Specialist <br /> • <br /> EDA Item 7C-Redevelopment <br /> December 8,2008 <br /> Page 6 of 6 <br />