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Draft EDC Minutes September 18,2009 Page 2 of 5 • EDC had a recommendation for the EDA on setting an asking price for the property. She said staffs recommendation would be for the EDA to set an asking price. Commissioner Johnson said that the Burger Time concept for the former Premium Stop site would"wreck"the City's goals to redevelop the area into a multi-use project. Ms. Steinmetz responded that the highest and best use of the area would be to combine at least two of the area's parcels and preferably more. Chair Meehlhause noted that there are no property taxes currently being generated from this parcel since the EDA owns it. He asked what a potential Burger Time building would generate in taxes if it were to locate on the site. His said that the EDA is not going to be able to sell the property for the amount they invested in it because the EDA's investment included the land price, the appraisal, the building demolition and the site cleanup. Chair Meehlhause is wondering how long it would take for the new taxes that would be generated from a Burger Time building to break even with what the EDA might receive as a realistic purchase price. Ms. Steinmetz said she has not run the numbers on that scenariou but will do so before the EDA/City Council's discussion on the topic. She added that if the parcel is ever developed as a single-use parcel (no matter what the use)that the building is going to be a small building since the parcel is only 1.28 acres. Commissioner Larson said that Burger Time is a good concept for that area because it will spruce up that corner and bring more traffic into that area. Community Development Director Ken Roberts said that the EDC should discuss whether it is worth waiting several years for the area to attract a more comprehensive redevelopment • project. Vice-Chair Wagner-Harkonen said if Burger Time is hoping to open forty stores in the next four years that it would be good for Mounds View to be on the cutting edge by offering a site to Burger Time. ,;She also said that community members should be educated on the extraordinary costs`of redevelopment Commissioner:.Helgemoe said that if Burger Time is willing to purchase the property at a reasonable price,then it would clean up the corner and spur more redevelopment. He went on to say that community members would rather have sit-down restaurants and a larger redevelopment project for the area and that Burger Time does not fit that model. He concluded by saying that it could take years for a larger redevelopment project to occur in that area. Chair Meehlhause mentioned that the property located at the corner of County Road 10 and Woodale Drive has been for sale for years. Commissioner Entsminger said that it would be good to get the earth moving on the former Premium Stop site. Commissioner Johnson said that she would prefer to wait for a larger redevelopment project because it would be better for the City in the long-term; however, a larger project is not realistic right now. She said that the City should at least talk with Burger Time because it would at least spur the discussion of an asking price for the property. She suggested that • we pull the file on Snyders to compare what Synders paid for their property on County Road 10 versus what someone might pay for the former Premium Stop site.