Agenda - Economic Development Authority - 07/13/2006

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14280 Sunfish Lake Blvd NW: Riverside Manufacturing - Site plan and Business Subsidy was approved on April 25th, 2006. Project financing is still being completed and a development agreement will be executed after the financials have been reviewed. Construction should commence this Summer and be complete by years end. The TIF Agreement has been executed and construction should commence in July. 5175 142nd Avenue NW: Staff received an inquiry about developing the site for Service and Tire store. More information to come... 14050 Basalt Street: Demolition commenced on the building on May 4th, 2006. The majority of the building has been demolished and the next phase of site clean-up will start once the building is completely removed. It is anticipated that the site should be ready for development at the end of the Summer. Staffwill continue to work with Ace Solid Waste to develop the site. 14230 Basalt St NW: David Perkins Contracting continues to operate their business on the site acquired by the City. Look for this business to move in sometime in July. Miscellaneous Ramsev Crossings: Robert Muir Company was selected as the Developer for the Ramsey Crossings project. Staff is currently an agreement on how the project will be completed. The Public Purpose hearing for the condemnations (if needed) will be on August 28th. The Economic Development Coordinator will be testifYing on behalf of the City. Additional Parcels Identified for Acquisition: At the last EDA meeting many parcels were identified as redevelopment candidates. Four ofthe parcels identified were also listed in the City CIP. Those 4 parcels include: KIH, Sparkle Pool, Eugene Brown, and Anna Parks. At the February 21 st Council meeting resolutions were passed that moved for the acquisition of these parcels and to use eminent domain where appropriate. A purchase agreement has been signed with Parks and another is close to completion with Brown. More updates to come. Special Legislation: Staff received approval on the port legislation bill. The bill was limited in scope and Staff will be working to get the language amended to grant Port Authority city-wide. EDAM Summer Conference: John Letourneau and the Economic Development Coordinator attended the EDAM Summer Conference June 21-23. The conference was well attended and much networking was accomplished. The sessions were very informative and focused on ethics and eminent domain. The strategy to be used by this group to combat eminent domain legislation is to monitor projects and show how they couldn't place under current law. Member Letourneau will have information and will discuss his experience. Future Meeting Topics: 1. Land Acquisition 2. Marketing Properties There is no EDAM Third Thursday Event for this month or next.