08-11-2008 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 11, 2008 Page 5 Commissioner Zerwas stated the appraisal for the property will be private information and not released. He again asked if the project could be done with the possible $2 million dollar tax abatement. Commissioner Klinzing asked that this conversation be continued during the joint meeting between the City Counal and EDA. President Dwyer recessed the EDA meeting at 6:52 p.m. to Uppertown Conference Room. The EDA meeting was reconvened at 6:58 p.m. 9. Retail Trade Analysis Presentation Ms. Deckert presented the staff report, and introduced Claudia Cody, Regional Assistant Extension Professor from University of Minnesota Extension. Ms. Cody distributed the Retail Trade Analysis report to the EDA. She asked them to evaluate the material presented in the report and to consider how the EDA should utilize the information it contains in order to evaluate the health of the City's retail sectors. She suggested a community workshop in the future in order for her to explain all the data in the report. President Dwyer stated the EDA would direct staff to set up a workshop in conjunction with the Chamber of Commerce to discuss the data. President Dwyer requested staff to partner with the Chamber of Commerce to set up a workshop to discuss the data. 10. Other Business Ms. Mehelich announced that Globe University and Minnesota School of Business have decided to locate in Elk River and have secured a purchase agreement for 7 acres of property on Highway 169 & 193rd Avenue, behind Super America and Time Out. The footprint building would be 15,000 square feet and two stories, very similar to their Woodbury, Blaine, and St. Cloud sites. She will keep the EDA informed with the progress of this project. President Dwyer commented on the recent article on CNN Money.com entitled "Where the Jobs Are" which reported Sherburne County as being the 22nd best in the country for job growth. He suggested setting up a link to this article from our website. Discussion continued regarding the request for a land grant and tax abatement by Energy Entertainment Enterprises. President Dwyer determined the EDA was not willing to give a land grant to them. Betsy Rudd, investor in Energy Entertainment Enterprises, addressed the EDA about this project, going over the figures in the but-for analysis. She stated they were looking to find out if incentives would be available from the City. She stated they weren't asking for the land to be granted tonight, but were looking for the City to commit to providing them land and incentives in the future. Commissioner Tveite responded the City does have incentives available, but his concerns were with lack of specific information on investors and financials. He also had concerns with putting more City money into a private project without doing the background work. He would like an appraisal on the land in order to determine the correct value.