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7/12/93 EDA AGENDA MEMO Page 2 <br /> July 7, 1993 <br /> • would begin as soon as possible at 323 Main Street. The second <br /> phase, or the second 5,000 square feet on 317 Main Street, <br /> would begin upon receiving commitments from future tenants . At <br /> this time, we have no information as to the value of the <br /> project under consideration. The request from the Chuba <br /> Company is for $25,000 for Phase 1 and $35,000 for Phase II . <br /> We would apply this money only toward eligible activities and <br /> we would, as a City, try to remain out of the land acquisition <br /> business as this gets the City involved in a chain of title. <br /> Eligible activities include soil corrections, site preparation, <br /> removal of wells, buildings, and foundations. Without a formal <br /> application being submitted, it is difficult to accurately <br /> evaluate the proposal . The details of a proposal can be worked <br /> on between the developer and staff if the EDA feels that this <br /> project/proposal is an appropriate use of TIF District No. 1 <br /> and No. 3 funds . <br /> At this time, Bill is asking that the EDA function as a <br /> recommending agency regarding this request. If the proposal <br /> meets with the goals of the EDA, then it would be appropriate <br /> for the EDA to recommend that the City Council moved forward <br /> with a public hearing to consider amendments to TIF Plans No. 1 <br /> and No. 3 in order to access these funds to assist this <br /> redevelopment project. The EDA should note that we are not <br /> discussing the creation of a new TIF District and the TIF funds <br /> • used in this project would not be recovered. <br /> 7 . EDA MAIN STREET SITE <br /> Mr. Chris Bulow of the Bruce Company will be in attendance at <br /> this meeting to provide the EDA and staff with an update on the <br /> progress he has made with this project since the last EDA <br /> meeting. Chris has advised me that either he and/or his wife <br /> will be in attendance; however, Chris has also indicated that <br /> limited progress has been made on this project in terms of <br /> tenants being committed to the site and proposed facility. <br /> At the last EDA meeting, discussion took place regarding <br /> alternatives to the creation of a TIF District. One of the <br /> alternatives reviewed was having the EDA become involved as a <br /> co-developer or a limited partner. <br /> At this time, we are 30 days into the 90-day option that the <br /> EDA granted to the Bruce Company at the last meeting. <br /> 8. BUSINESS PARK UPDATE <br /> Pat Dwyer is Chair of the Business Park Task Force. A meeting <br /> • was held on June 29, 1993. The agenda for this meeting is <br /> attached as is a list of topics for the next Business Park Task <br /> Force meeting that is scheduled for July 27, 1993. I <br />