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EDC Minutes November 20, 2009 Page 2 of 5 Commissioner voted and submitted his/her ballot to Economic Development Specialist Steinmetz. Commissioner Belting thanked the existing Commissioners for re-applying and stated that he is also impressed that over the last two years, several residents had applied who had never served on the EDC. Ms. Steinmetz tallied the five ballots and reported that the EDC would recommend on December 14, 2009 that the City Council re-appoint Torri Johnson, Jason Helgemoe and Gary Meehlhause to the EDC for terms lasting to December 31, 2012. 7. REPORTS OF COMMISSIONERS Commissioner Helgemoe announced that the Twin Cities North Chamber of Commerce would hold its annual fundraising Gala on Friday, February 19, 2010 at the Earle Brown Heritage Center in Brooklyn Center. He added that during the Gala, the Chamber would honor five local businesses in five different categories. 8. REPORTS OF STAFF A. Burger Time Concept Denied by City Council on October 5, 2009 Ms. Steinmetz reminded the EDC that in September 2009, they provided two recommendations to the EDA – that the EDA further discuss the concept with Burger Time and that the EDA set an asking price for the 2390 County Road 10 property. She reported that the City Council discussed this item at their October 5, 2009 Work Session and were not interested in recruiting Burger Time to the site nor setting an asking price for the property. Commissioner Helgemoe asked about the Council’s thought process in not setting an asking price for the property. Community Development Director Ken Roberts answered that the Council provided staff with mixed direction – some members wanted the asking price to at least be Ramsey County’s assessed value and some members wanted the asking price to be what the EDA paid for the property, which is around $625,000. Commission Helgemoe asked if any of the appraisers that staff talked to were able to provide a land price range. Ms. Steinmetz answered that they did not because even a price range is considered a form of an appraisal. Commissioner Belting asked if a commercial real estate broker would be willing to provide a value without the City having to hire them as the listing agent. He mentioned that perhaps the Council needs some guidance or education on the realities of the local real estate market at this time. He concluded by saying that the Council probably did not want to order an appraisal of the property because commercial appraisals cost about $3,000 or $4,000. Commissioner Helgemoe added that the problem appraisers are running into is that they do not have comparable sales to use to establish property value. Motion/Second: Commissioner Belting moved and Commissioner Helgemoe seconded a recommended that the City Council authorize staff to request present market value estimates for 2390 County Road 10 from several commercial real estate brokers. Motion Carried: 5 Ayes 0 Nays