2005.11.21 EDA Packet - Laserfiche WebLink

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BACKGROUND MEMO FOR THE EDA MEETING OF O , 2005 nPVc-Y-Ab-'( fO 3. SEPTEMBER 19, 2005 AND OCTOBER 17, 2005 EDA MEETING MINUTES City staff recommends that the EDA approve the minutes for the September 19, 2005 EDA meeting and the October 17, 2005 EDA meeting as presented. 4. UPDATE ON THE TIF DISTRICT/DOWNTOWN REDEVELOPMENT PROJECT IMPLEMENTATION PLAN City staff, Paul Steinman of Springsted, and subcommittee member Phil Klein met with groups of local downtown area business and property owners on November 16, 2005 to discuss the downtown plan and methods of implementing the plan. Subcommittee members Nick Skarich, Mike Granger, and Frank Puleo were unable to attend. The meetings are part of the marketing plan for the implementation of the downtown plan and the establishment of a TIF district. City Staff and Paul Steinman will present an overview of the outcomes of the meetings,the marketing plan, and the proposed schedule of activities at the meeting. City staff recommends that the Council and EDA authorize and schedule a public open house to inform downtown area property owners of the downtown redevelopment process and the potential impacts. The subcommittee has also prepared a draft press release and Q&A newsletter about TIF and the downtown redevelopment plan for review by the Council and the EDA at the meeting. Staff recommends that the Council and the EDA review the draft Q&A newsletter and press release and become familiar with the materials. Staff recommends that the Council and the EDA approve the materials for immediate distribution to downtown residents and property owners if the Council and the EDA are comfortable with the content of the documents. Staff further recommends that the EDA and the Council authorize staff to begin the necessary procedures in order to establish the TIF District, which includes conducting inspections of buildings within the proposed district. 5. UPDATE ON TWIN CITIES COMMUNITY CAPITAL FUND PROGRAM At the September 19, 2005,joint EDA/Council meeting Scott Martin from the Twin Cites Community Capital Fund (TCCCF) gave a presentation about the organization and the benefits members receive from participating in the fund to the EDA and Council. The TCCCF is a nonprofit economic development loan fund. Communities that join the fund are eligible for low interest loans, gap financing, and other financial incentives. The EDA and Council thanked Scott Martin for coming to the meeting and suggested that the EDA and the Council evaluate the materials in order and make a recommendation at the next EDA meeting on whether or not to participate in the program. Springsted, the City's financial advising firm, has prepared some