2008.03.17 EDA Minutes - Laserfiche WebLink

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