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<br />Page 2 <br /> <br />Economic Development Minutes <br />July 10, 1989 <br /> <br />. <br /> <br />Mr. Fursman stated that the condition of the property as it presently <br />sits will continue to be a detriment to the City and asked that the <br />Council provide direction to staff and to discuss possibilities for the <br />property. Mr. Fursman indicated that members of the community have <br />expressed a desire for City Hall to be located in the downtown area and <br />specifically the old hardware site. <br /> <br />Commissioner Schuldt questioned why property as it sits presently could <br />not be marketed by the City as an economic development service to the <br />community without the City purchasing the site. Fursman responded by <br />saying that he felt that would an appropriate function of the EDA and <br />there is actually no need to purchase the site in order to market it, but <br />that the City be advised as to not set a precedent for marketing private <br />property throughout the City regardless of circumstance. Mr. Fursman <br />indicated that one of the advantages to purchasing the property would be <br />the ability of the developers to get a loan to continue with their plans <br />to build in downtown providing for immediate development. <br /> <br />. <br /> <br />Commissioner Schuldt questioned what the big drawback was to the <br />property not being sold up to this time. Mr. Fursman stated that the <br />property has physical constraints which make designing and building very <br />expensive on this site. He also indicated that a marketing program had <br />not begun on the property and that was the main reason why the property <br />had not been sold in his opinion. <br /> <br />Commissioner Kropuenske stated that the Engineering firm, Winkleman, had <br />lead the property owners on to believe that they would purchase this site <br />and build on it themselves, thus keeping the property off the market when <br />it could have been sold. Mr. Kropuenske continued by saying that he felt <br />that an appraisal of the property should be worked up in order to <br />determine the value of the site. Mr. Kropuenske also indicated that the <br />bank may be in a position to take another look at their loan if the City <br />becomes involved in the marketing. <br /> <br />Commissioner Schuldt indicated that the City already made a commitment to <br />help with the preparation of the site and was wondering if the City, when <br />it incurs cost through its marketing effort for the site, would be able <br />to recapture those costs when the site preparation takes place. Mr. <br />Fursman indicated that it would be possible to capture the money spent on <br />marketing once the property is sold. <br /> <br />Commissioner Tra11e indicated that he felt the City staff should be <br />directed to solicit an appraisal for the property and that if the <br />property does not sell in a timely manner, the City would consider <br />purchasing the property in an effort to spur other development in the <br />downtown area. <br /> <br />. <br /> <br />Commissioner Holmgren <br />City could be used <br />sale of the property <br />advantages could be <br /> <br />questioned whether the condemnation power of the <br />to the advantage of the property owners before the <br />in the ensuing discussion suggested that such <br />a possibility seeing as how a condemnation <br />