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Mounds View EDA January 14, 2008 <br />Regular Meeting Page 4 <br /> <br />Economic Development Specialist Steinmetz indicated that there is an estimate for $80,000 in 129 <br />demolition, $50,000 for filling and $55,000 for water and sewer improvements and $10,000 for 130 <br />ponding. 131 <br /> 132 <br />Commissioner Flaherty asked what the bank has listed the property for. 133 <br /> 134 <br />Economic Development Specialist Steinmetz indicated the listing price is $1.1 million. The 135 <br />Bank had originally mentioned that they might be willing to accept $800,000 for the property. 136 <br /> 137 <br />Commissioner Flaherty asked what the bid to Welsh was for this property by the Developer. 138 <br /> 139 <br />Mr. Tobin indicated that it has been a few months since this was being discussed. Master had 140 <br />submitted an offer less than $800,000. 141 <br /> 142 <br />Commissioner Flaherty asked why the City would not just buy the property. 143 <br /> 144 <br />Economic Development Specialist Steinmetz indicated that would be an option or the EDA could 145 <br />receive the grant funds and work with a developer who could provide the matching funds for the 146 <br />acquisition. 147 <br /> 148 <br />Interim Executive Director Ericson indicated that the local matching funds do not have to come 149 <br />from the City; they could come from working with a developer or other entity. 150 <br /> 151 <br />Valerie Amundsen, 3048 Woodale Drive, indicated that she had expressed concern about putting 152 <br />more money into this corner when she contacted Council Member Mueller. She then said that 153 <br />she does not feel that it is up to the City to become developers. 154 <br /> 155 <br />Ms. Amundsen said that she does not support this whatsoever as she feels that the property 156 <br />should stand on its own and be sold for what the market will bear. 157 <br /> 158 <br />Interim Executive Director Ericson indicated that Staff would work toward a purchase price of 159 <br />$800,000 or less rather the $1.1 million that the bank feels it is worth. He then said that Staff 160 <br />feels that it is an appropriate use of TIF dollars to acquire properties that may not otherwise 161 <br />redevelop and get back on the tax rolls. 162 <br /> 163 <br />Brian Amundsen, 3048 Wooddale Drive, asked whether the EDA regularly approves multiple 164 <br />issues in one resolution. He then said that he sees three requests, one for the grant, one for the 165 <br />TIF funds and one for the purchase of the property. He then requested that the items be 166 <br />separated. 167 <br /> 168 <br />Mr. Amundsen said that he would like to see this property develop at the expense of a developer 169 <br />and not the City. 170