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In addition, staff is scheduling follow up meetings with several brokers and developers who <br />recently completed industrial projects in the community to continue to foster the positive <br />relationship and opportunities for development referrals to Elk River. <br />Post Office Property Update <br />Staff was recently contacted by the broker for the 4.5-acre land site located at the NE corner <br />of Line Ave and Co. Rd 12 and owned by the Post Office. In late 2007 the EDA considered <br />acquisition of the property for the purpose of securing and marketing the site for higher-end <br />retail or restaurant development. The EDA chose not to pursue acquisition based on the <br />asking price for the property. The broker has indicated a "willingness to consider a <br />reduction from the original sale price" and requested the EDA's reconsideration. If this is <br />something the EDA wishes to bring back for discussion, please notify staff so it can be <br />added appropriately to a future EDA agenda. <br />Commissioners have recently inquired about the status of the Post Office relocation from <br />Railroad Drive to the property near the former Target store. According to the Building <br />Official, the Post Office continues to make progress on the interior improvements. Staff is <br />awaiting a response from post office officials for an anticipated opening date. <br />Commercial/Industrial Sites Inventory <br />In Fall 2007, commercial sites were added to the City's listing of available land/lease sites <br />that is posted on the city website. Recently staff converted the in-house prepared listing to a <br />direct link to the MetroMSP website ~~-ww.metrotnst~.org. This website is the most <br />comprehensive and reliable listing of C/I property and relies heavily on listing information <br />provided by licensed brokers/MNCAR members. <br />MN Business Assistance Reports <br />Staff is working to complete the annual MN Business Assistance Reports which are required <br />for any business subsidies of $25,000 or more provided by public entities. The reports <br />indicate the business's progress on job and wage goals established by the city. These reports <br />are due to the MN Dept of Employment & Economic Development in April. <br />Recent Inquiries/Prospects <br />Staff has experienced a slowdown u1 commercial/industrial inquiries relative to the <br />slowdown in the economy. The trend appears to be that developers are more risk-sensitive <br />to undergo land investments or speculative development and are relying on build-to-suit <br />developments at this time. Staff recently subscribed to the MN Commercial Association of <br />Realtors (MNCAR) which will provide a tremendous amount of data on C/I space in Elk <br />River and surrounding communities, email blasts on prospects, and opportunities to network <br />directly with the broker/developer community. <br />Mississippi Connections -Downtown Redevelopment Study <br />In follow up to City Council's direction at its January 2009 meeting, staff is contacting <br />Taskforce members for their interest in serving sometime this summer to complete the draft <br />study. <br />S:\EDA\AGENDA\Year2009\Exec Dir report3.9.09.doc <br />