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2008.03.17 EDA Minutes
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2008.03.17 EDA Minutes
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Commissions
Meeting Date
3/17/2008
Document Type
Minutes
Commission Name
EDA
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MINUTES FOR THE EDA MEETING OF MARCH 17, 2008 <br />EDA President Fran Miron called the meeting to order at 8:35 am. <br />PRESENT: Jan Arcand, Jim Bever, Tom Denaway, Phil Klein, Brian Thistle, and Fran Miron <br />ABSENT: Mike Granger <br />CITY STAFF PRESENT: City Administrator Mike Ericson, Associate Planner Rachel <br />Simone, Administrative Intern Nate Ehalt <br />APPROVAL OF MINUTES FOR THE EDA MEETING OF FEBRUARY 19, 2008 <br />Klein made motion, Denaway seconded, to approve the minutes for the EDA meeting of February 19, <br />2008. <br />All aye. Motion carried. <br />DISCUSSION ON FRENCHMAN CENTRE REDEVELOPMENT PROJECT SITE PLAN <br />AND TIF APPLICATION <br />Associate Planner Rachel Simone described the project site plan and progress to date of the <br />TIF application for redevelopment of the property which is currently occupied by the vacant <br />End Zone Bar and Restaurant. Rachel described the proposed 23,000 sq. ft building, its <br />architecture, and use of building materials, including the changes since October 2007, which <br />was the last time the EDA had seen the proposed plans. Tax Increment Financing was <br />discussed and is planned to be used for building demolition, public infrastructure and site <br />improvements. <br />After the presentation the EDA invited Dale Dockendorf and Bill Lentsch to give an <br />overview of their retail project and to take questions from the EDA. The EDA had questions <br />relating to the cost per sq. ft. of rental space, possible tenants, market viability, and land <br />acquisition and construction timelines. Dale and Bill informed the EDA that as of March 17, <br />2008 they had not secured any tenants but are working with a commercial brokerage firm to <br />market their space and solicit financing from possible private investors. The tenants they are <br />looking for would include those such a bakery, dentist, chiropractic clinic, or like tenants. <br />Market viability was a concern of the EDA's and Dale and Bill believe the commercial/retail <br />market for their type of building would not have a problem finding tenants and have been <br />diligent in promoting their project to potential businesses. Bill and Dale have also taken time <br />to study possible rental costs and have estimated that their rental space would be around <br />$17.00/sq. ft. They acknowledged that their timeline is somewhat determined by the action <br />of the EDA and TIF application but are currently set to close on the property in June, and <br />would like to get their project started as soon as possible thereafter. <br />A motion was made by Arcand, seconded by Bever, requesting staff to have Springsted <br />complete a scaled down review of the TIF application and have City Assessor Frank Langer <br />review the proposed plan for correct assessment valuation. <br />All aye. Motion carried. <br />
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