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BACKGROUND MEMO FOR THE EDA MEETING OF <br /> Monday, August 21, 2006 <br /> 3.Approval of Minutes EDA meeting of July 17, 2006 <br /> City staff recommends that the EDA approve the minutes for the July 17, 2006 EDA <br /> meeting as presented. <br /> 4. POA-Scherer & Collaborative Design Group—Postal Credit Union <br /> POA-Scherer, LLC and Postal Credit Union are requesting approval of a Preliminary Plat <br /> and PUD General Plan to construct a 5,000-square foot bank with drive-through tellers on <br /> a 1.62 acre lot located west of Festival Foods across Victor Hugo Boulevard. The <br /> Planning Commission held the public hearing at its August 10, 2006 meeting and voted <br /> unanimously to recommend approval. Staff will show elevations of the building and the <br /> Postal Credit Union representatives will be present to talk about the bank and answer any <br /> questions the EDA may have. The Staff recommends the EDA welcome the Postal Credit <br /> Union as a new business in the community. <br /> 5.Discussion on TIF District Establishment <br /> Staff has been working closely with Paul Steinmen of Springsted and Mary Ippel on the <br /> calculations to establish a TIF District. Staff has attached a map of the proposed TIF <br /> District that highlights the buildings that meet and do not meet the required 15%code <br /> deficiency threshold determined by building inspections. The buildings are highlighted <br /> blue if they qualify and are highlighted red if they do not qualify. Staff will give an <br /> update at the meeting on the coverage test and will request direction from the EDA <br /> related to proposed TIF boundary. <br /> 6. Update on Eminent Domain Law <br /> Staff has attached an update from the League of Minnesota Cities of the current <br /> legislation on eminent domain. <br /> 7. Update on the Schoeller Property <br /> Staff was successful in reaching an agreement for the purchase of Schoeller house at <br /> 5399 Street for$135,000. The City will be responsible for demolition costs in excess of <br /> the$15,000 agreed to by the Schoeller family. Because the Schoeller family was selling <br /> the property, Council agreed to purchase the house for the future extension of Finale <br /> Avenue, north from the new CSAH 8. Staff has attached the final purchase agreement <br /> between the City of Hugo and the Schoeller family. <br />