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Mounds View EDA February 25, 2002 Regular Meeting Page 3 B. Discussion Regarding Potential Condemnation Action to Acquire Mermaid Redevelopment Parcel. Community Development Director Ericson asked City Attorney Riggs to update the EDA as to the status of this matter. City Attorney Riggs indicated he had been in discussions with the various parties involved and is pleased to update that the matter is to be completed within one or two weeks of last Wednesday. He then indicated Mr. Hall’s lender had asked for some language passed by motion of the EDA to ensure that, if the matter is not resolved, Mr. Hall with the assistance of the City will be able to obtain the property. He then read the language proposed for the motion. MOTION/SECOND: Marty/Sonterre. To Authorize EDA Staff and the City Attorney to Work with Mounds Vista, Inc to Initiate Negotiations for an Amendment to the Redevelopment Contract Between Mounds Vista and the Mounds View EDA to Provide for the Exercise of Eminent Domain Powers by the EDA to Acquire the Cabot Property; and further, to Provide for the Sale of the Cabot Property to Mounds Vista in an Amount Equal to the EDA’s Condemnation and Acquisition Costs. Ayes – 5 Nays – 0 Motion carried. Community Development Director Ericson reminded the EDA and those watching at home that the Home and Garden Show is scheduled for Saturday, March 2, 2002 at the Community Center from 9:00 a.m. to 3:00 p.m. President Sonterre inquired as to whether it may be possible to obtain funding to assist with the purchase of lighting for the rest of the corridor. Director Ericson indicated that the representative from URS had indicated there were grant funds available and the City’s situation meets the requirements for those funds. He then commented that it is not a guarantee that the grant will be obtained by the City, but it is available. President Sonterre asked if all grant options are being sought after. Director Ericson indicated that all grant options are being explored. Assistant City Administrator Reed explained that the newsletter was 10 pages larger this month which meant $1,000 more for printing costs. She then told the EDA Staff had made the decision to use only one color of ink this month because it saved the City $500.00.