02-11-1991 EDA MIN - Laserfiche WebLink

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EDA Minutes February 11, 1991 Page 3 e would be in competition with the developers in the City if it purchased the property. Discussion was held regarding the shortage of tenants in the Industrial Park. Commissioner Holmgren stated that he was uncertain if the EDA should consider purchasing a distressed parcel of property at market value. The EDA discussed the reason the Investors Group wanted to sell the Industrial Park to the City. Mike Mulrooney indicated that the Group probably feels that they have done their part and that it was done as a civic duty to help out the community; and now that the City has taken the lead in economic development with the formation of an Economic Development Authority, the Group feels it would be in the City's best interest to purchase the property. Commissioner Holmgren indicated that he did not think it was appropriate to make a decision at this time because of the absence of the two EDA members. It was the consensus of the EDA to discuss the EDA's intent to purchase the Industrial Park at the March meeting. 10. Prospect Report e Bill Rubin reviewed the Prospect Status Report, which was sent under separate cover. The Prospect Status Report reviewed 8 prospects. 11.1.Economic Development Newsletter Format The EDA reviewed the draft copy of the first EDA newsletter. Some suggestions were made by members of the EDA. Bill Rubin indicated that he would consider the suggestions, make some changes to the newsletter and submit another draft by mail to the EDA for review. He requested that the EDA contact him with any other suggestions. 11.2.Mork Clinic Update The Executive Director indicated that the EDA agreed to reimburse the developer of Mork Clinic up to $40,000 for site clearance and site preparation. He stated that the actual cost was $17,000 which was reimbursed to the developer. Mr. Klaers stated that the City has received a request from TIMCa Management, Inc., requesting the City to pay additional redevelopment and site preparation expenses. Some possible reimbursement items are: Engineering and Soil Testing Tree Removal and Site Grading Parking Lot Paving Parking Lot Lighting Landscaping Sidewalks & Curbs $ 4,750 $ 6,500 $16,448 $ 8,000 $13,170 $11,500 e The EDA discussed the cost breakdown and determined that the only appropriate cost was for tree removal and site grading.