2009.11.09 EDA Minutes - Laserfiche WebLink

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MINUTES FOR THE EDA MEETING OF NOVEMBER 9, 2009 EDA Vice President Phil Klein called the meeting to order at 8:30 am. PRESENT: Jan Arcand, Jim Bever, Tom Denaway, Mike Granger Phil Klein, and Fran Miron ABSENT: Brian Thistle CITY STAFF PRESENT: City Administrator Mike Ericson, Community Development Director Bryan Bear, Associate Planner Rachel Simone, and Shayla Syverson, Economic Development / Parks Intern APPROVAL OF MINUTES FOR THE EDA MEETING OF OCTOBER 12, 2009 Arcand made motion, Granger seconded, to approve the minutes for the EDA meeting of October 12, 2009. All ayes. Motion carried. DISCUSSION ON CITY OWNED PROPERTIES IN DOWNTOWN Mark Finnemann, Richard Fischer and their realtor Mike Brass were present at the meeting to showcase their plans for the City owned property in downtown. The team of developers has been to the EDA before to present their ideas for the City owned property. The plans included a mix of office, retail and residential uses. Included in the packet is the plan that they submitted for the EDA to review at the previous meetings. The team of developers also presented a letter of intent to purchase the City owned properties. They discussed the plans and the letter of intent with the EDA. Staff recommended that the EDA discuss with the developers the plans and the letter of intent to purchase the properties. The CD Director gave an overview of the previous meeting and the plans that were presented. The development team presented a new concept for the City owned property. They stated that they did not like the way the entrance is planned into the Carpenters Restaurant Property, but showed it on the plans. It showed a large park in the center and retail corner to the north close to 147th Street. It also showed two office buildings. They were presenting their plans for a one arce piece of the City owned property and would like to market the office buildings and property before construction. They talked about a public and private partnership with the City. The development team presented a letter of intent to purchase the properties and gave the EDA marketing information. It is planned to be a 1 — 1 1/2 year project to market the properties and buildings. They want to have a ready to move in building. They would like the building to the south of the City owned property demolished. Mike Brass talked to the EDA about the commercial real estate market. He stated that office condo's are over built and are now selling for $100 per square foot, where they were previously selling for $200 per square foot. He stated that space planning for businesses is real and that he feels this is what businesses are now looking for. Granger asked if the development team was going to own the building or lease it out. The developers stated that their plan is to sell the buildings to an end user.