08-28-1989 EDA MIN - Laserfiche WebLink

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Page 2 Economic Development Authority Minutes August 28, 1989 . Commissioner Tra11e questioned whether the demolition and clean-up cost of $24,175 was covered by insurance. Dick Fursman indicated that he had contacted the property owners and they had indicated they had not received an insurance payment for this cost. Commissioner Tra11e indicated that he did not feel this cost should be part of the tax burden of the City of Elk Riverif the City purchases the property. He indicated that if this is a normal policy to pick up the demolition and clean-up cost, then he would be willing to pay for this cost. However, if it is not a normal policy, he did not feel it would be fair to the citizens to pay this cost. Commissioner Tra11e stated that he would not feel comfortable setting a minimum price for the site until he had an answer on whether or not the demolition and clean-up was not covered by insurance due to either neglect from the property owner or from the property owner buying less expensive insurance coverage. Dick Fursman indicated that the owners of the property were under the impression that the demolition and clean-up of this site would be taken care of by TIF. He indicated that this would be the case if the property owners rebuilt in the same location. . It was the concensus of the EDA that a decision regarding the price of the property be considered at the September 11, 1989, EDA meeting, after which time the Commission will have received information regarding insurance coverage for the demolition and clean-up of the site. 6. Riverfront Development Update Dick Fursman informed the EDA that a second meeting of the Riverfront Redevelopment Group was held. He indicated that the Riverfront Redevelopment Group consists of property owners from the old hardware site to Nadeau's Cleaning. Mr. Fursman updated the EDA on the meeting. He indicated that the Group has decided it would like to use the experience and manpower of the Downtown Development Association to help plan and direct the process. He indicated that another meeting is planned for September 3. and that he would keep the Council posted on any further developments. 7. King and Lowell Block Development Dick Fursman informed the EDA that all the property owners between the Streets of King and Lowell along the north side of Main Street are interested in a redevelopment project which would combine all the properties and lead to the construction of a professional building which would be occupied by the Title Company, Kuhn Properties, Dr. Sommers and the Dental Office of Drs. Nyberg and Jarmo1uk. A developer of these types of projects, Karka1a from St. Louis Park, has made a presentation to this group and more discussions are planned. He indicated that no commitments have been made at this time and that he will keep the EDA posted on any further updates. .