06-13-1994 EDA MIN - Laserfiche WebLink

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EDA Minutes June 13, 1994 Page 2 Block Grant Micro-Loan Fund In April the City received $250,000.00 from the State of Minnesota for a loan to Tescom. The loan is to be repaid over 120 months at 4.5 percent interest for the first 60 months and 6.0 percent for the remaining 60 months. The City will retain all of the payments from Tescom. The current balance in this fund is $2872.23. 6. Consider Results of Appraisal Authorized May 9, 1994 to Estimate the Fair Market Value of the Proposed Business Park Property Bill Rubin noted that the Business Park Task Force negotiating subcommittee will be meeting with Panger/Benson on Friday, June 17, 1994, for an overview of the appraisal for the proposed 35-acre Business Park. Bill explained that the committee likely bring back to the EDA a recommendation for accepting the appraisal as well as a recommendation to authorize an offer for purchasing the property in question. Commissioner Dwyer stated that members of the subcommittee will be asking for clarification on issues in the appraisal and will go over some of the conclusions that were made. 7. Discuss Status of EDA Main Street Redevelopment Site Bill Rubin introduced this item for discussion. He explained that the City Council requested that this item be placed on the June 13, 1994 EDA agenda. Commissioner Scheel questioned what had become of the concept of redeveloping the entire block. Bill Rubin stated that there was some interest in late 1989 or early 1990, which later evolved to a riverwalk concept. Following a public hearing, the riverwalk proposal was turned down. Bill further stated that interest continues for some type of redevelopment project along the area in question. Commissioner Scheel stated that she felt the whole area is going to be a problem area unless something is done to it. President Gongoll stated that several of the business owners in this area are interested in a redevelopment project, but feel they cannot afford to fund it themselves. Commissioner Dwyer indicated that the downtown seems to be turning into a more service-oriented district, with retail moving out to the commercial areas along Highway 169. Commissioner Duitsman explained that Street/Park Superintendent Phil Hals has learned of a source to obtain fill material at no cost or very little cost. He indicated that an idea has been suggested to fill in the hole at the redevelopment site by terracing the fill material in several levels, creating a park-like setting. Commissioner Duitsman stated that this proposal is not intended to be a permanent solution, as he felt the site should be used for development. However, he feels that it is an eyesore and if something can be done to improve the appearance at a reasonable cost, they should proceed.