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'7, OF REQUEST FOR EDA CONSIDERATION Agenda Section 5 <br /> REPORT Report Number: VD WS <br /> I iSTAFF <br /> NDDS Report Date: 9/26/96 <br /> WORK SESSION MEETING DATE <br /> DE September 29, 1996 <br /> Ar <br /> �h'h•Partners <br /> Item Description: Discussion of Proposal for Pursuing Redevelopment of the South-West Corner of <br /> Highway 10 and County Road H <br /> Administrator's Review/Recommendation: <br /> -No Comments to supplement this report <br /> -Comments attached. <br /> Explanation/Summary(attach supplement sheets as necessary) <br /> Summary: <br /> Chuck and I had a meeting with Charlie and Dan Hall of the Mermaid and a Real Estate Consultant, <br /> Neil Peterson who was recommended by the City's fiscal consultants regarding the proposed <br /> Hotel/Conference Development. <br /> I introduced Mr. Peterson and Charlie several months ago as a person who may be able to assist him <br /> in finding a developer for his concept. Although Charlie decided to take a stab at locating a developer <br /> himself and did not hire Neil, he has been intrigued by the concept but feels that the entire block needs <br /> to be redeveloped and diverse uses need to be included to increase density and risk. <br /> In an effort to generate movement on the project, we suggested that the City and Charlie work <br /> together to evaluate the area for redevelopment and requested a proposal from Neil Peterson regarding <br /> his assistance on this project. <br /> Neil Peterson is a former Mayor of Bloomington and was involved with the Mall of America <br /> development. He has been in the development field for several years and has a wealth of contacts and <br /> expertise, especially regarding the retail and hospitality industry. In addition, Mr. Peterson has 19 <br /> years banking experience and understands the complexities of public and private financing <br /> agreements in redevelopment. <br /> Neil has submitted a proposal for his services to study and generate interest in the area. He will be in <br /> attendance to discuss the proposal with the EDA on Monday night. If approved, tax increment funds <br /> can be used as part of highway 10 redevelopment. <br /> `,tom L <br /> Economic D :, opment Coor inator <br />