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Mounds View EDA January 28, 2008 <br />Regular Meeting Page 2 <br /> <br /> 44 <br />7. EDA BUSINESS 45 <br /> 46 <br />A. Continued Discussion on Resolution 08-EDA-239 Approving a 47 <br /> Redevelopment Grant Application and Expenditure of Tax Increment 48 <br /> Funds for Costs Associated with the Acquisition and Redevelopment of 49 <br /> 2400 County Road H2 50 <br /> 51 <br />Economic Development Specialist Steinmetz indicated that the EDA is discussing and 52 <br />determining whether to participate in redeveloping the former Roberts site. 53 <br /> 54 <br />Economic Development Specialist Steinmetz indicated that on Page 8 of the Grant Application in 55 <br />Number 22 it still references the $100,000 in TIF and that should and will be deleted. 56 <br /> 57 <br />Economic Development Specialist Steinmetz explained that the local match information and 58 <br />grant specifics were provided in the packets for this meeting. 59 <br /> 60 <br />Economic Development Specialist Steinmetz explained that it is Staff’s intent that the local 61 <br />match come from a developer whether or not that is Master Development. She then said that at 62 <br />this time Master Development does not feel they can pay the EDA’s full $625,000 asking price 63 <br />for the Premium Stop location. The reason is because the County’s assessed value is 64 <br />significantly less than that. 65 <br /> 66 <br />Economic Development Specialist Steinmetz indicated that Staff has been approached by a 67 <br />developer who is interested in purchasing the site to construct affordable housing rental units. 68 <br />Staff is responding to a meeting request from a party who would like to purchase Robert’s Sports 69 <br />Bar as is and re-open it as a nightclub. 70 <br /> 71 <br />Commissioner Flaherty indicated that the City does not have to follow through with the grant but 72 <br />the City should apply for it. He then said that when the purchase went through the idea was to 73 <br />make the City whole and, if Master Development cannot commit to the price, maybe another 74 <br />developer could. 75 <br /> 76 <br />Vice President Stigney asked if the City would be at risk for anything the way the Application is 77 <br />being drafted and approved. 78 <br /> 79 <br />Economic Development Specialist Steinmetz indicated that the City would not need to accept the 80 <br />grant dollars if awarded and there should be no risk. 81 <br /> 82 <br />Vice president Stigney indicated that the Application states that if TIF is not being used fully or 83 <br />at all describe why. He then asked why there is no answer in Item 26. 84 <br /> 85