Agenda - Economic Development Authority - 02/10/2011

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* Financial impacts * Other impacts to businesses (perceived instability /numerous address changes) Funding Source: All costs associated with reviewing this proposal are being handled as regular staff duties. In the past, the City has financially assisted affected residential parcels. If that is the case in this matter, the EDA may wish to identify potential funding sources to assists parcels with any transition. Staff Recommendation: City Staff recommends careful consideration of any potential street name changes, especially as it might impact our businesses. Changing the name of only one -half of the road segment would seem to add more confusion to the situation. Changing the name of the whole segment would impact eight business properties. While the City -owned property at 14280 Azurite would be minimally impacted, the same cannot be said of the businesses. Diamond Graphics is concerned that an address change would be viewed negatively by its clients (businesses with several new addresses in less than 10 years can be viewed as financially suspect). Wildlife Research Center moved into its current location in 2006. Among its concerns are the significant financial burdens of changing its product labels, printed materials, and packaging vendor information. It projects its costs for an address change to exceed $50,000. From an economic development perspective and given the financial burden to our businesses in a challenging economy, staff does not recommend a street name change at this time. EDA Action: Motion to recommend either staying with the current Azurite Street in the Sunfish Lake Business Park or further studying the name scheme for this road segment. Context Map Site Location Map Rotary Systems Response Wildlife Research Response Attachments Form Review Inbox Reviewed By Date Aaron Backman Aaron Backman 02/02/2011 02:36 PM Form Started By: Tim Gladhill Started On: 01/28/2011 02:34 PM Final Approval Date: 02/02/2011