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Mounds View EDA June 26, 2006 Regular Meeting Page 3 comes up in the next 2-2.5 years and it favors the EDA. 1 2 Commissioner Thomas said until the letter is in hand, her trust level is very low. She said she is 3 less concerned about financial liabilities and more concerned about timing issues. She said she 4 has very little trust that the previous owners, who will be liable legally, can be contacted in a 5 timely manner. She said she believes the City is in a tenuous position. She said if something 6 were to happen, she suspects the City will have to step in and is not thrilled with the idea. She 7 said she is looking for every shred of assurance before she will sign off on the purchase. 8 9 President Marty said he feels the same way and would like to have the letter in hand. He 10 commended the staff report with the several options about how to market the land. He said there 11 were two options for the site, and he likes the second option of hiring consultants to conduct a 12 site-specific market analysis as to the highest and best use of the parcel recognizing its inherent 13 impediments such as lot configuration, access, and lot size rather than simply reacting to 14 proposals as they are presented. 15 16 President Marty stated that Staff could actively market the site to developers who specialize in 17 areas identified in the analysis consistent with the declared plans optioned by the City. He said 18 such a plan could conceivably involve adjacent properties as well. He stated Staff is 19 recommending such a plan and if the EDA concurs, they will go ahead and receive proposals 20 from consultant firms. 21 22 President Marty added he sees this as proactive rather than reactive and commends Staff for such 23 a stance. He said he would like to have some consultants look at the area and market it as is 24 determined. He stated he agrees with the Staff report. 25 26 President Marty explained that some of the costs could be passed on to future developers. 27 Community Development Director Ericson said those costs could be passed on to the developers 28 through the asking price of the property. 29 30 Vice President Stigney said they are talking about adjacent properties as well and asked how it 31 would be paid for, whether through TIF funding or development funds. He said he wished all of 32 that was “ironed out” before it was brought to the EDA. 33 34 President Marty noted that one of the adjoining property owners has stated willingness to sell 35 depending on the price. He said the other property just opened, but it would not necessarily be up 36 to the City to acquire the properties, but having the consultants looking at the adjacent properties 37 for future development. 38 39 Vice President Stigney asked if TIF funds would be used, and Community Development Director 40 Ericson said that would not be indicated up front. He said the EDA could communicate to 41 potential developers that TIF funding would not be used, but does not want to “close the door” 42 on TIF funding. 43 44 Vice President Stigney stated TIF could always be opened up, but if the developers know TIF 45