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Mounds View EDA December 8, 2008 <br />Regular Meeting Page 4 <br /> <br /> 128 <br />C. Discuss Redevelopment of County Road 10 & Corner of Woodale Drive 129 <br /> 130 <br />Economic Development Specialist Steinmetz provided an overview of the proposal to redevelop 131 <br />the County Road 10/Woodale Drive corner. There is a $1,000,000 gap in financing due to 132 <br />demolition and site preparation costs that the developer would like to discuss with the City. 133 <br /> 134 <br />Commissioner Mueller said she would like to explore destination locations or sit down 135 <br />restaurants and would not want to go with office buildings or townhomes as recommended in the 136 <br />previous plan. 137 <br /> 138 <br />Commissioner Flaherty agreed and said that office buildings and townhomes are no longer viable 139 <br />in this type of market. He then said that he would listen to any offer and would be interested in 140 <br />assisting but would not be in favor of a TIF district. 141 <br /> 142 <br />Commissioner Hull asked if this corridor would redevelop without City assistance. 143 <br /> 144 <br />Economic Development Specialist Steinmetz indicated that the gap is too large and it would not 145 <br />develop without assistance of some sort. 146 <br /> 147 <br />Commissioner Hull indicated he would like to discuss this with the developer, as once 148 <br />redeveloped the site value would be $7,000,000 as opposed to the existing $1,000,000. 149 <br /> 150 <br />Vice President Stigney said that he feels that this is the time for developers to purchase properties 151 <br />because the prices are down and he would like to have the developers use their own money for 152 <br />these developments and not use City assistance. He then said that he is not interested in a Tires 153 <br />Plus store or any fast food restaurants. 154 <br /> 155 <br />Vice President Stigney indicated that he would like to know what the gap is before he agrees to 156 <br />negotiate and he would like to know what stores would be on the list before he begins to 157 <br />negotiate. 158 <br /> 159 <br />Finance Director Beer clarified that several of the parcels are in a TIF district and would only 160 <br />generate additional increment for three years. 161 <br /> 162 <br />President Marty indicated he would like to see the City bring the developer in to negotiate with 163 <br />him. He then said that, in the past, the City has helped with demolition costs and with ponding. 164 <br /> 165 <br />8. REPORTS 166 <br /> 167 <br />Community Development Director Roberts noted that in reference to the branding project, there 168 <br />were 93 online surveys completed for a total of 667 surveys returned for the image survey 169