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EDA BUSINESS Case #1: REVIEW REVOLVING LOAN FUND (RLF) APPLICATIONS FROM WELLS CATERING AND COUNTRY CROSSINGS MALL Deputy City Administrator/Director of Community Development Nelson provided a brief update on Country Crossing Mall, and introduced Kirk Corson, the mall's representative. Mr. Corson spoke of the many improvements that have been made to the property since the current owner purchased it three years ago. Repairs include removal of debris, replacing furnaces and air conditioners that were not previously up to code, and adding three-phase electric power. Country Crossing Mall is interested in requesting financial assistance from the Ramsey Revolving Loan Fund in hopes. of making additional improvements. The proposed improvements consist of adding a monument sign located at the intersection of Highway 47 and 167 Avenue, landscaping and resurfacing the parking lot, and bringing City sewer and water to the property. Mr. Corson talked about the businesses that are currently leasing space in the mall. A few are leasing month-to-month, and one is heavily subsidized. Mr. Corson said they hope to attract a restaurant with their potential improvements to the property, as well as fill the other vacant spaces with longer-term leases. Member LeTourneau stated that the suggested improvements may be a bit of a "Band-Aid" right now, but he is supportive of the project. Discussion continued regarding the owner of Country Crossing Mall, and whether or not he would be interested in investing more in the area. Member Elvig explained that the area has viability and that the property south of the water tower is planned for "empty nester" type townhouses. Mr. Corson said he would contact the owner, who resides in California, to see what his interest would be in further investment in said area. After Mr. Corson left the meeting, Economic Development Consultant Mulrooney discussed Country Crossing Mall's financial information. His recommendation is to deny the loan request based on repayment ability. Member LeTourneau talked about the extensive studies that were done five or six years ago regarding that area and questioned whether or not we should be revisiting that. Discussion continued regarding the fact that TIF statutes appear to be loosening up, and that there is the possibility of a TIF district supporting housing around the water tower area. Motion by Member Elvig, seconded by Member Skaff, to deny the loan for Country Crossing Mall, but look longer-term at redevelopment of the area. Motion carried. Voting Yes: Members Riley, Steffen, Skaff, LeTourneau, and Elvig. Voting No: None. Absent: Members Williams and Look. Economic Development Authority /May 21, 2010 Page 2 of 5