2005.10.17 EDA Minutes - Laserfiche WebLink

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proposed timeline for establishing the district and the creation of a financing plan. 3.) The different means by which the public can be informed about TIF and the important role TIF will play in the success of the downtown plan, and how the establishment of the district may affect residents and business owners within the district. At the meeting, Paul Steinman of Springsted, the City's Financial Advisor, and City staff presented an overview to the EDA and Council on tax increment financing and the procedural requirements that must be met and discussed strategies on how to market the TIF district and the next phase of the downtown plan to community members. The EDA and the Council directed the TIF subcommittee to work on finalizing a communication and marketing plan for the implementation phase of the downtown redevelopment project and the establishment of the TIF district. 5. SITE PLAN REVIEW FOR ONEKA PET RESORT At the July 18, 2005 EDA meeting the EDA recommended that the City sell the 1.1 acre "Rink -Tec" property located in the Bald Eagle Industrial Park to Oneka Pet Resort, owned by Guy and Cindy LaBarre. Oneka Pet Resorts was one of two businesses that were selected to acquire the City property in the park through the Request for Proposal (RFP) process initiated by the EDA. Oneka Pet Resort submitted a preliminary site plan for review by the EDA at the meeting as part of the conditions of approving the final purchase agreement. City staff presented an overview of the proposed site plan to the EDA and the City Council and recommended that the EDA and the Council review and comment on the proposed site plan. Granger made motion, Klein seconded to recommend approval of the proposed site plan to the City Council. All aye. Motion Carried 6. UPDATE ON CITY PURCHASE OF CARPENTERS RESTAURANT AND THE ANTIQUE STORE FROM MIKE AND CATHERINE ANDERSON Staff informed the EDA and Council that recent negotiations have been successful and that Andersons have agreed to sell to the City, both Carpenters restaurant and the antique store. At the September 6, 2005, City Council meeting the Council approved the purchase of both properties in the amount of $687,000. This includes a price of $347,000 for the antique store and $340,000 for the Carpenters restaurant, which is consistent with evaluations of City Assessor Frank Langer. There will be a two-year lease back to the Andersons at no cost, and they would continue to operate the restaurant on a month-to- month basis, in order to allow the flexibility of the City to continue negotiations with the developers on the Egg Lake development project. Granger made motion, Klein seconded to direct staff to meet with the other property owners along the western edge of Egg Lake to find out if they would be interested in selling their properties to the City.