2011.06.13 EDA Packet - Laserfiche WebLink

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e BACKGROUND MEMO FOR THE EDA MEETING OF MONDAY,JUNE 139 2011 3. APPROVAL OF MINUTES Staff recommends approval of the minutes from the May 9, 2011, EDA Meeting as presented. 4. DISCUSSION ON PEARSON MECHANICAL BUILDING - 13497 FENWAY BOULEVARD NORTH The Pearson Mechanical building and property located at 13497 Fenway Boulevard North is now available for sale or lease. North Star Bank holds the mortgage on the property and has been working with the current owner to sell or lease of the property. Jack Ritt, Chairman/CEO of North Star Bank, would like to have a discussion with the EDA on the availability of the building. He wants to make a connection with the EDA and the City as he markets the property. 5. DISCUSSION ON FLEXIBLE OFFICE SPACE At the April EDA meeting there was discussion on flexible office space and possible opportunities in Hugo. Commissioner Graff started the discussion and stated that he would like to meet with property owners that have vacant space and talk to them about this concept. The EDA directed staff to work with Commissioner Graff and set up meetings with property owners. Staff and Commissioner Graff met with Matt Alexander and Jack Appert from Kraus- Anderson, who owns the Healtheast Building and has vacant space. They have heard of flexible office space, but Kraus-Anderson has not used the concept before. They mentioned a company called Regus that purchases space and converts it into flexible office space. In regards to the Healtheast vacant space, Kraus-Anderson has not finished the space. The space would need to be finished and furnished. This is not an expense they would be willing to incur to accommodate for flexible office space. They also stated that the space would need to be managed and they do not see Kraus-Anderson managing the short-term lease involved with flexible office space, but would be open to a company leasing the vacant space to operate and manage flexible office space. Staff and Commissioner Graff will be contacting other property owners that have vacant space. Commissioner Graff would like to discuss the outcome of the meeting and other information he has gathered for flexible office space. 6. DISCUSSION ON TAX ABATEMENT At the April EDA meeting, staff was asked to put together information for the basics of tax abatement and how it can be used. Staff has included a document from Springsted on the concepts and mechanics of tax abatement. Staff will present the information to the EDA at the meeting. 7. UPDATE ON DOWNTOWN REDEVELOPMENT Staff will update the EDA on the progress of downtown redevelopment.