2011.09.12 EDA Minutes - Laserfiche WebLink

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