12-05-1988 EDA MIN - Laserfiche WebLink

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Page 3 . EDA Minutes December 5, 1988 Commissioner Tra11e questioned Mr. Rob Vanva1kenberg as to his feelings toward the proposed riverwa1k. Mr. Vanva1kenberg stated he was in favor of the plan. Mr. Vanvalkenberg also indicated that he had plans to improve his property and direct attention toward the river. Mr. Larry Toth, Economic Development Authority Committee member, indicated that the City must be able and ready to progress when the opportunity provides itself. Mr. Toth also said that the EDA should not "what if" the project to death. tht sooner or later a certain risk would be acceptable. COMMISSIONER TRALLE MOVED TO ACCEPT THE RIVERWALK PLAN AS PRESENTED BY BRAUER A'ND ASSOCIATES. THE MOTION DIED FOR LACK OF A SECOND. COMMISSIONER DOBEL MOVED TO CONTINUE THE EDA MEETING UNTIL MONDAY. DECEMBER 12, 1988, AT WHICH TIME AMOTION WILL BE MADE REGARDING THE PLAN FOR THE RIVERWALK. COMMISSIONER HOLMGREN. SECONDED THE MOTION. THE MOTION CARRIED 5-0. The EDA recessed at 9:00 p.m. The EDA reconvened at 9:10 p.m. 5. Consideration of Hardware Redevelopment Proposal . Estelle Gunkel indicated that the City would next be looking at the possibility of redeveloping the hardware store with the use of tax increment financing. Dick Fursman stated that the use of TIF funds is being considered because it is the only financing mechanism the City can afford. Mr. Fursman also stated that the TIF funds will be used to financially help reconstruct a hardware store that is much more than a basic building and which would help the City accomplish its goal of emphasizing the river as an economic development tool. Peter Beck. City Attorney, discussed the appropriateness of this redevelopment project and the use of TIF. He indicated that there are two main issues that must be met to establish a legal TIF district; 1) that the proposed development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future; and 2) that the standards for a redevelopment district must be met. Mr. Beck stated that the proposed redevelopment does meet the criteria for a TIF district. . Gene Schuldt questioned what the City's obligation would be for anyone else requesting assistance for replacement or remodeling. if the City granted the use of TIF funds for the hardware store. Peter Beck stated that the City would have no legal obligation as the law requires that each project be looked at individually and that the findings be made before a TIF district is allowed. Commissioner Schuldt stated that allowing TIF in one situation and not another would ethically create an unfair economic advantage from one commercial area to the other. Dick Fursman introduced Terry Duffy of Winkleman Company. as the Designer and Engineer of the project. Mr. Duffey presented the design of the proposed hardware store to the EDA.