2005.08.15 EDA Packet - Laserfiche WebLink

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BACKGROUND MEMO FOR EDA MEETING OF AUGUST 15, 2005 3. JULY 18, 2005 EDA MEETING MINUTES City staff recommends the board approve the minutes for the July 18, 2005 meeting as presented. 4. PRESENTATION FROM THE BEARD GROUP ON THE COMMERCIAL COMPONENT OF THE DOWNTOWN REDEVELOPMENT PROPOSAL At the last EDA meeting Chris Enger from the Ryland Group gave a presentation on redeveloping the downtown area. Ryland group would like to work with the city to redevelop the entire downtown area into a pedestrian friendly town center which would include a mix of office space, retail and residential uses. The EDA recommended that Ryland Group come to the next meeting to show more commercial development for the downtown area. Bill Beard of the Beard Group, a commercial and retail developer and Ryland Homes have partnered on the project and Mr. Beard will give a presentation on their proposed plan for the downtown area. City staff seeks direction from the EDA about whether to proceed with Ryland Group as the master developer for downtown Hugo. 5. DISCUSSION OF POSSIBLE CITY PURCHASE OF PROPERTY AT 5757147TH ST The property at 5757 147`h St is owned by John Granger and located to the north of Egg Lake fronting 147`h St to the north and Lower 147`h St to the south. Mr. Granger recently approached the city about demolishing the existing home on the site and redeveloping the site into a twin home. City staff inquired if Mr. Granger would be interested in selling the property to the city instead of redeveloping the site. Over the last few years the city has been purchasing properties along the east end of Egg Lake as they become available. There has recently been a lot of interest by developers in extending the downtown redevelopment area to include some of the parcels along the north end of Egg Lake. Mr. Granger is here today to discuss the possibility of selling the property. City staff is requesting input from the EDA on whether or not to consider purchasing the Granger property or other properties along the north edge of Egg Lake. 6. UPDATE ON AUGUST 12, 2005 MEETING OF THE TIF SUBCOMMITTEE At its last meeting the EDA directed the TIF subcommittee, consisting of Mike Granger, Frank Puleo, Nick Skarich, and Theresa Charpentier, to conduct preliminary tests of the downtown Tax Increment Financing (TIF)redevelopment district to determine if the district would meet state qualifications for the establishment of a TIF district. City staff, Mikaela Huot and Paul Steinman of Springsted, and the subcommittee met on August 10, 2005. Theresa Carpentier and Mike Granger were unable to attend. City staff presented the preliminary findings from the blight analysis test and the occupancy test for the TIF district with the subcommittee and discussed different approaches on how to proceed with establishing the district. At the EDA