Minutes - Economic Development Authority - 07/10/2008

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Economic Development Coordinator Sullivan stated he will follow up with the attendees of the July 8th meeting. It was suggested that the following additional businesses be notified about the Buxton Study and future meetings: The Bank of Elk River and First National Bank of Elk River. Economic Development Coordinator Sullivan requested direction on when to proceed with ordering the Study. He noted the memo received from Brandon Norrell outlining the preference to have the analysis completed prior to the International Council Shopping Center (lCSC) event scheduled in October. There was discussion on the preferred timeframe to order the Study. It was noted that there have been concerns expressed about ordering the Study while the Ramsey Town Center (RTC) property is not available for development, and that the Study could actually hinder the sale of the property by increasing the property value. Community Development Director Miller pointed out that there are other retail nodes included in the Study and vacant retail space in the Coborn's area. There are developers that have talked to the bank and the City about the RTC land, and the Study could help move things along, rather than being a hindrance. Economic Development Coordinator Sullivan noted the EDA will receive updated information within a three year period of the Study. City Manager Ulrich noted there are areas other than RTC included in the Study. He indicated the Study will likely move things along with the RTC land, rather than be a hindrance. Moved by Member Skaff, seconded by Member Kiefer, to authorize the Economic Development Coordinator to proceed with ordering the Buxton Study. Further discussion: It was noted that the EDA budget was authorized as the funding source for the Study at the June 12,2008 EDA meeting. Chairperson Riley expressed concern that ordering the Study at this time is getting ahead of things, as the City does not currently have access to the largest piece of property. Motion carried. Voting Yes: Members Skaff, Kiefer, Steffen, and Strommen. Voting No: Chairperson Riley. Absent: Members Elvig and Letourneau. Member Strommen left the meeting at 8:11 a.m. Case #2: Consider Acquisition of 16000 St. Francis Boulevard Economic Development Coordinator Sullivan stated that the City Council recently authorized the award of contract for engineering services and the undertaking of a feasibility study for the construction of a water tower in Elmcrest Park. During the site investigation it was found that the soils in the proposed location of the tower were unsuitable for standard construction practices. Staff has worked looked into three alternative locations in the area that may be more suitable to reduce the additional cost of pilings that would be needed in the proposed location. Of the three Economic Development Authority/July 10,2008 Page 3 of7