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EDA Item 7C - Redevelopment <br />December 8, 2008 <br /> Page 6 of 6 <br /> <br /> <br />Redevelopment 101 <br /> <br />As the EDA & EDC discussed at their April 2008 Redevelopment Roundtable, <br />redevelopment projects often require public assistance. This is because developers are <br />not willing to purchase property (at prices that include both land and buildings) only to turn <br />around and remove the existing buildings. The cost to construct new/high value buildings <br />is cheaper to do on readily available/undeveloped land in nearby communities. As such, <br />if the EDA wants to see redevelopment on this site in the near future, it appears the EDA <br />will need to provide financial assistance to the project. <br /> <br />Request <br /> <br />Staff requests direction from the EDA regarding the following: <br /> <br />1. What level of financial assistance (if any) is the EDA willing to provide towards this <br />potential project? In other words, is the EDA willing to consider assisting the <br />developer with acquisition and/or redevelopment costs? <br /> <br />2. Is the EDA willing to explore additional redevelopment concepts for this 5.7-acre <br />project area? If so, what type of land uses would the EDA prefer to see on the <br />site? <br /> <br />The developer is willing to share his project pro-forma with the EDA at a future meeting. <br /> <br />Respectfully submitted, <br /> <br /> ____________________________ <br />Heidi Steinmetz <br />Economic Development Specialist <br /> <br /> <br /> <br /> <br /> <br /> <br />