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"(Mt APP0-CDW(0C0 <br />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 />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 />May 15" 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\ECONDEV\EDC\Minutes\MinOO\04-27-OO.doe <br />