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2011.09.12 EDA Minutes
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2011.09.12 EDA Minutes
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Meeting Date
9/12/2011
Document Type
Minutes
Commission Name
EDA
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projects will not be able to receive TIF but, there are other incentives to provide. This <br />will help the values in the district increase therefore create increment. <br />Graff stated that this is a big deal to developers and needs to be disclosed to them when <br />discussions happen. Also developers may only be interested by TIF. <br />Denaway stated that TIF shows that the City is willing to provide an incentive to <br />developers in the downtown. TIF is not always the only incentives and there may be other <br />incentives that are more attractive to developers. For example, free land. <br />Puleo asked when the information on the values was found out. <br />Rachel Juba, Planner, stated that we knew there were declining values but, until staff <br />meet with the financial advisors last month we did not know how far. <br />Bryan Bear, Community Development Director, stated that this is the first year we would <br />see the declining values because the TIF district was not certified until 2010. <br />UPDATE ON GREATER MINNEAPOLIS/ST. PAUL ECONOMIC <br />DEVELOPMENT PARTNERSHIP MEETING ON AUGUST 23, 2011 <br />Community Development Director, Bryan Bear, and Commissioners Miron and Denaway <br />attended the MSP Economic Development Partnership meeting on August 23, 2011. Staff <br />updated the EDA on the discussion at the meeting. <br />The group is coming up with ways to promote the Minneapolis/St. Paul region. They feel <br />there is more potential for the area and want to market it differently. There may be ways <br />to market the region nationally. <br />UPDATE ON CITY RENTAL PROPERTY <br />The Building Official has put together a punch list of items that would need to be <br />repaired in order to rent the property out again. A contractor provided a quote on what it <br />would cost to make it safe to rent out again. Iit came to $9887.00. The roof would need to <br />be replaced in the near future which is approximately $14,000. <br />The City acquired the property in 2002 and has been making some money over the past <br />years. Staff feels that the City will continue to spend money on the maintenance of the <br />building and may lose money from now on. The alternative is to demolish the building <br />which would be approximately $30,000. <br />Staff had a discussion with the EDA on whether to rent the house out again or to <br />demolish the house. <br />Denaway stated it seems to make sense to demolish the building then to keep spending <br />money to maintain the property. <br />Bryan Bear, Community Development Director, stated that the quote is just to make the <br />building safe, not necessarily up to code. <br />
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