12-12-1988 EDA MIN - Laserfiche WebLink

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. . . Page 2 Continued Economic Development Authority Meeting December 12. 1988 ------------------------------------------------ City has goals for redevelopment of the site as well as the development of the entire downtown area. The City's goal is to prepare the site for construction with no intention of giving a competitive edge to one individual. Mr. Fursman stated that there are unique cost disadvantages in preparing the site for a building due to the grade change. soil preparation. alley work. demolition of the previous building and existing flooring. Mr. Fursman indicated that the City is proposing to use tax increment financing dollars in the amount of $275.060 to purchase the land and prepare the site for any developer with an acceptable plan. COMMISSIONER TRALLE MOVED TO DIRECT STAFF TO PREPARE A TAX INCR~MENT FINANCING REDEVELOPMENT PLAN FOR THE ECONOMIC DEVELOPMENT AUTHORITY TO CONSIDER REGARDING SITE PREPARATION FOR THE HARDWARE STORE LOCATION CONTINGENT UPON FINANCING BEING SECURED. COMMISSIONER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4.2.Riverwalk Park Options Mike Mulrooney. Economic Development Consultant. reviewed alternatives for funding the riverwalk. The three alternatives outlined in Mr. Mulrooney's letter to Dick Fursman dated December 12. 1988. were discussed. Alternative #1 was proposed as the most desireable alternative. This funding would come from two grants; one each from the Economic Development Administration. U.S. Department of Commerce. and the other would come from the Minnesota Small Cities Development Program. If both grants were received. the riverwalk could conceiveably be funded in full from these two programs. The other alternatives discussed had a variety of funding scenerios each less desirable than alternative #1. COMMISSIONER HOLMGREN MOVED TO DIRECT STAFF TO PREPARE GRANT APPLICATIONS TO THE ECONOMIC DEVELOPMENT ADMINISTRATION. U. S. DEPARTMENT OF COMMERCE AND THE MINNESOTA SMALL CITIES DEVELOPMENT PROGRAM FOR THE RIVERWALK PARK PROPOSAL. COMMISSIONER SCHULDT SECONDED THE MOTION. Discussion was held regarding the fact that costs could conceiveably rise after the EDA has a chance to review the plan in detail. It was the consensus of the Commission to hold an EDA workshop in the immediate future (prior to the 1/31/89 grant application deadline) to reivew the Riverwalk Park proposal. It was also determined that the downtown property owners should be invited to this workshop session. THE MOTION CARRIED 5-0. COMMISSIONER DOBEL MOVED DEVELOPMENT AUTHORITY. MOTION CARRIED 5-0. TO ADJOURN THE MEETING OF THE ECONOMIC COMMISSIONER HOLMGREN SECONDED THE MOTION. THE The meeting of the EDA adjourned at 8:20 p.m. ~ {~ndy Thackeray Deputy City Clerk