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<br />Chairperson Riley stated that the EDA has tried to help mitigate between businesses and the City <br />Council. He explained that they had tried to provide signage near the Sunfish Lake area, since <br />the normal traffic was being disrupted. <br /> <br />Member Elvig commented that he was at Spectators and questioned what the incentive would be <br />for scrolling signage in that area. <br /> <br />Economic Development Coordinator Sullivan advised that as part of the signing process there <br />was a lot of things that they needed to obtain, such as easements. He advised that the project is <br />moving forward, but taking longer than expected. He stated that although they would like the <br />banner to go up sooner rather than later, he thought that the construction still occurring might <br />have something to do with it. <br /> <br />Community Development Director Miller advised that one of the property owners is refusing to <br />sign off on that project. <br /> <br />Chairperson Riley advised that the business would first need to spend that money and would then <br />be reimbursed by the EDA. <br /> <br />Economic Development Coordinator Sullivan advised that the EDA is looking at the value of <br />housing and would report to the City Council on the findings. He advised that another reason for <br />the meeting today was to discuss the involvement of the EDA with the Town Center. <br /> <br />City Administrator Ulrich advised that in terms of development this is exciting new. He advised <br />that the City Council entered into an agreement to settle the lawsuit and to purchase a portion of <br />the property, which would close the end of June. He explained that the Town Center is 322 acres <br />in total and is a mixed use development area. He advised that the initial vision was well thought <br />out by the community, by residents and businesses. He advised that there are ordinances and <br />standards in place to protect the City's master vision. He explained that the property was <br />privately owned previously. He advised that most of the infrastructure had been funded by <br />grants and outside funding. He advised of successes in the area including PACT Charter School; <br />223 units of lifecycle housing; Coborn's Grocery Store; the City Park, municipal center, and <br />transit hub; and nearly 12 million in infrastructure investments with no outstanding debt. He <br />advised of some of the challenges faced since 2006, including the death of the developer. He <br />advised of some potential risks, including 1.5 million in back taxes. He advised of the action of <br />the Council, which included the settlement of litigation and the purchase of 148.2 acres. He <br />advised that the foreclosure sale would be on March 20th, with a closing date of June 26th, to <br />allow for all debts to come forward prior to the sale. He identified which parcels would be <br />purchased by the City. He advised that they are high profile sites. He stated that the purchase <br />price would be $6.75 million. He thought that this would position the City well for the future <br />and explained why. He questioned if anyone had received feedback or knew of any outstanding <br />issues that may come forward from the public. <br /> <br />Member Kiefer questioned if the City would obtain the liability in back taxes or if that was <br />included in the purchase price. <br /> <br />Joint Economic Development Authority/City Council / March 19, 2009 <br />Page 4 of 11 ' <br /> <br />4 <br />