06-10-1991 EDA MIN - Laserfiche WebLink

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"',." ..; . , I', ,', ,'. ..... EDA Minutes June 10, 1991 Page 2 e Mr. Larson requested Tax Increment Financing assistance from the EDA for the project for land wri tedown costs and site preparation costs. He stated that there are two homes on the proposed site which must be removed and that the site must be prepared for the project. He stated that his company is willing to pay the appraised valuation of the site as if the site were clean and ready to build. Bill Rubin, Economic Development Coordinator, indicated that TIF assistance may be possible, however, the numbers must be reviewed by staff and the EDA to ensure that TIF assistance for this project will not create a shortfall of state aid funding for the City. Bill Rubin further suggested that while reviewing the level of assistance, it would be best for the City to also have the property appraised by an appraiser. COMMISSIONER KROPUENSKE MOVED TO AUTHORIZE STAFF TO PROCEED WITH ANALYSIS OF THE PROPOSED FARMERS HOME ADMINISTRATION PROJECT FOR ELK TERRACE INCLUDING THE AUTHORIZATION TO HIRE AN APPRAISER IF DETERMINED NECESSARY BY CITY STAFF. COMMISSIONER TRALLE SECONDED THE MOTION. THE MOTION CARRIED 6-0. 4. Open Mike e Doris Anderson was present as a representative of Caldwell Banker for David Barnier. Ms. Anderson stated that Mr. Barnier has indicated his intention to purchase property in downtown Elk River for the purpose of locating a restaurant with off-street parking. She indicated that he has signed a purchase agreement for 817 Main Street and is also considering to follow that purchase agreement with the purchase of the adjacent property at 823 Main Street. She indicated that Mr. Barnier is requesting some type of financial participation from the City of Elk River. She further indicated that although Mr. Barnier has not written a letter of intent, he did want to make the EDA aware of his plans and the fact that he will be requesting financial assistance. Commissioner Dwyer suggested that Mr. Barnier submit a letter of intent stating exactly what type of assistance he would require. It was the consensus of the EDA to work wi th the proposal, however, that staff not spend any money on the proposal at this time. e Marilyn VanPatten was present and indicated that she was representing two clients who were interested in purchasing the Standard station at 308 Jackson Place. She stated that her clients had indicated that they would be willing to purchase the station and sell it to the City of Elk River if the City is interested. She further indicated that the Bank of Elk River is also considering purchasing this property. Her client's ability to acquire the property is believed to be less than what the Bank of Elk River is paying for the Station. Commissioner Kropuenske stated that he felt there was no advantage for the City to buy this site if the Bank of Elk River is interested in purchasing this site. It was the consensus of the EDA that no action