01-14-2002 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes January 74, 2002 BUSINESS INCUBATOR ADVISORY COMMITTEE • STEPHANIE KLINZING • JEFF GONGOLL • LARRY HICKMAN • JIM BARTHEL • JACKMOWRY • LOUISE KUESTER COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 6-0. F. ENABLING RESOLUTION Page 3 FOLLOWING A BRIEF REVIEW, NO CHANGES WERE MADE TO THE BYLAWS OF THE EDA. 6. Strategic Industrial Marketing Phn Update Heidi Hall, Economic Development Assistant, introduced herself to the EDA. Heidi presented an update of the key accounts and the 2002 advertising campaign as they related to the strategic industrial marketing plan. Heidi distributed an ad copy which featured SoftPac Industries fox the February MN Real Ertate Journal Leaning Guide. Heidi also distributed a copy of a StarTnbune article that featured Sportech. Catherine Mehelich updated the Council on the 2002 public relations plan provided by Greta ~~'edell, the City's advertising agent. NE Corner of Hwy 169 & Main Street Redevelopment Update Catherine Mehelich explained that Developer Kraus-Anderson Realty has suggested the use of tax increment financing for the redevelopment of the property located at the NE Coxnex of Hwy 169 and Main Street. Catherine stated that staff completed an initial assessment of the proposed redevelopment area to detexxnine its eligibility for tax increment Emancing. She stated that staff concluded that tax increment Financing not be considered for the project as a result of inconclusive evidence of "structural substandard" conditions as required by statute. Catherine indicated that the use of tax abatement may be considered as an alternative. Gathexine informed the EDA that staff has had inquiries about smaller projects involving just the Ron's Foods and City property. Discussion was held regarding the size of a desired redevelopment project. The EDA discussed the issue of a larger project to include the apartments and possibly some of the single family housing in the area. It was the consensus of the EDA that it would be in Eavox of tas abatement subsidy for a larger project that included the apartments and possibly some of the housing. Discussion was held regarding the asking price of the city property located at Highway 169 and Main Street. The EDA concluded that the price should not be so high as to delay a project but that it should also not be low enough to be considered a subsidy.