2013.08.13 EDA Packet - Laserfiche WebLink

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BACKGROUND MEMO FOR THE EDA MEETING OF TUESDAY,AUGUST 13,2013 3. APPROVAL OF MINUTES Staff recommends approval of the minutes from the July 11, 2013, EDA Meeting as presented. 4. LAKE AREA BANK Staff has invited Gary White of Lake Area bank to the EDA meeting. Mr. White recently joined the Lake Area Bank team and is the Location Lead Vice President in Business Banking. Mr.White will talk about his background and his role at the bank. Staff recommends the EDA welcome Mr. White to the community. 5. DISCUSSION ON MARKETING RFO At its July 15, 2013, meeting the City Council considered and approved the EDA's recommendation to send out an RFQ to commercial realtors to market the City owned property in downtown. Staff has enclosed a draft RFQ for the EDA to review. Staff recommends the EDA provide any comments on the request. Staff would like to discuss the qualifications,process, and timeline with the EDA. 6. DISCUSSION ON MAXFIELD RESEARCH INC. PROPOSAL TO UPDATE THE DOWNTOWN MARKET STUDY Staff has met with Maxfield Research, Inc. to update the downtown market study that was completed in 2005. The update will be funded as part of the LCDA grant from the Met Council. At its July meeting, the EDA agreed that the updated market study would make the City owned property more marketable to developers. Staff has received a proposal from Maxfield that outlines the work program to complete the update of the market study. It's in staff's opinion that the proposal meets the goal of what we discussed during our meeting for the update. EDA should review the proposal and provide comments to staff. Staff recommends the EDA make a recommendation to the City Council to enter into a contract with Maxfield for the update of the Downtown Market Study. 7. UPDATE ON DOWNTOWN REDEVELOPMENT Staff will update the EDA on downtown redevelopment.