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December 15, 1998 Page 2 At the workshop we reviewed the economic data and concluded: • The recently opened"Quarry", a regional shopping center has had a negative affect on St. Anthony Shopping Center; • There is growth in the market place to capture approximately $1,000,000 in new retail sales annually • Capturing this new retail growth can be accomplished by 1.) identifying market niches, and 2.) market deferential products and services; • To use the"Quarry" as work engine to expand the St. Anthony Shopping Center, market trade area. We also reviewed the issues and opportunities that were identified from the business interviews. Although important,these issues and the other issues identified at the workshop are manageable. Working with the participants the following strategies were identified: • The Krause Anderson property with or without the building should: • Be included in an integrated unique shopping environment with its primary use and design emphasizing the shopping center strategies-, • Consider using only the property and eliminating the building; • Consider using the building and renovating it; • Attract high visibility anchor tenant or tenants; • The tenant and the St. Anthony Shopping Center should attract customers drawn to the area by the "Quarry". This will increase market share of the trade area coming to the St. Anthony Shopping Center. • The St. Anthony Shopping Center can be strategically positioned by: • Creating a quaint unique village center with an ethnic theme; • Concentrate on friendly service, market service oriented businesses; • Create new curb/green space appeal for all seasons-, • Create an active festive center with several festivals per year-, • Concentrate on a food and home improvement orientation. • Sources to finance center improvements: • Special assessments to the property benefited: The cost of the assessments is reduced if the City and proposed new development participate. The City can reduce the interest rate by using tax exempt revenue bonds. New development of the city liquor store property and Krause Anderson property can absorb some of the costs • Tax increment financing redevelopment project: - • Create higher intensity land use above a new building on the Kraus Anderson property and capture this increment for building incentives and public improvements.