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There was additional discussion regarding the appropriate timing to send out packages for sites located in Town Center. Factors to consider are discussions with the involved banks and the lCSC Convention. It was suggested that Mr. Norell provide a recommendation on the appropriate lead time to be effective in having packages recognized at the lCSC Convention. Consensus of the Board was to complete the distribution of marketing pursuit packages in two phases with the first phase of 10 packages sent out for sites that are ready to be developed, (i.e. restaurant pads and multi-tenant). There will be additional discussion in the future on the second phase of 10 packages which will be sent out for sites located in Town Center that are not able to be developed at this time. A separate cover letter will be included with these packages acknowledging the history and framing the new energy being put into the site. Motion by Member LeTourneau, seconded by Member Skaff, to authorize staff to adopt a list of matches for restaurant/multi-tenant sites to be submitted to Buxton to send out marketing pursuit packages. Further discussion: Member Steffen questioned if there is a down side to retailers receiving the marketing packages between Thanksgiving and Christmas. Economic Development Coordinator Sullivan indicated staff will request that Mr. Norell provide information on the best time for the retailers to receive the packages. Motion carried. Voting Yes: Chairperson Riley, Members Letourneau, Skaff, Elvig, Kiefer, Steffen, and Strommen. Voting No: None. Economic Development Coordinator Sullivan suggested a tentative date of January-February to meet with businesses/stakeholders. An update could be provided to the Board at the December meeting on the appropriate time to distribute packets for impact at the lCSC Convention and the status of negotiations with thebanks in relation to Town Center. Motion by Member Kiefer, seconded by Member Strommen, to authorize staff to send a letter updating the businesses/stakeholders on the action that has been taken to date with the Buxton Study, and informing them it is anticipated that a meeting will be scheduled to discuss the findings of the Retail Market Study in early 2009. Further discussion: Member LeTourneau stressed the importance of involving the banks associated with Town Center in the marketing process. Member Strommen suggested staff determine the appropriate time to communicate the information to the banks. City Administrator Ulrich suggested a letter on behalf of the EDA to the lead bank regarding the Buxton Study and marketing process, and encouraging the lead bank to sharethe information with the other banks that are involved. He noted many of the involved banks are located in rural Minnesota, but there are also many local banks. He indicated staff will prepare a list of contacts for this project, as well as banks with local connections to Town Center. Motion carried. Voting Yes: Chairperson Riley, Members Kiefer, Strommen, Elvig, LeTourneau, Skaff, and Steffen. Voting No: None. Economic Development Authority/November 13,2008 Page 3 of 6