Agenda - Economic Development Authority - 12/10/2009

Home

Case # 4 Review Cost Associated With Future Business Park By: Sean M. Sullivan; Economic Development Coordinator Background: Staff direction from the October 8, 2009 EDA meeting wa.s to run some comparisons between property locations north of Hwy 10 versus property south of Hwy 10. Staff worked with engineering to put together a cost estimate to run city sewer and water to serve both sites in question. Attached are the cost estimates for each parcel. This. information should be considered if the EDAlor City does decide to develop another industrial park in the future. Staff was also directed to meet with the representatives from the Pearson's to see if the price or terms of the offer they presented was negotiable. Staff met with the Pearson and representatives on two occasions and they were open to renegotiating the purchase price. The Pearson's stated that they would like to have an agreement in place before February 2010 and would be willing to discuss terms between now and then. It was conveyed to them that the EDA was not looking to take down this property in the near future and that an option would be considered. This arrangement did not seem to fit into the plans of the Pearson's without a substantial down-stroke. The EDAshould review the information gathered and give staff direction on a number of items. The EDA should make a determination on whether it would be interested in pursuing the . acquisition of industrial land now. If not now, then at what point into the future would the EDA be ready to make an investment. The EDA should also solidify potential sites for future industrial parks and work to help them be developed in that fashion. Funding Source: EDA levy, Bonding, Tax Increment Financing Staff Recommendation: Based on Discussion EDA Action: Based on Discussion. Attachments Estimated S~wer and Water Costs EDA: 12.10.09 19