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Member Kurak asked who owned the target property. It was noted there were two or <br />three owners. Member Kurak asked if they had been approached regarding these issues <br />and, if so, what their consensus was. It was indicated that the current consensus seemed <br />to be that the landowners were open to suggestions for improvement. Member <br />LeTourneau stated that some might be interested in investing in their property, some <br />probably were interested in selling and others in redeveloping. <br /> <br />A question was asked regarding the master plan and who would set it in motion. Mr. <br />McComb aoted that, in his experience, he often saw a joint venture between the business <br />owners and the city. He said the split could be 50/50 if the property owner was a well- <br />financed daveloper or smaller if the property owner was not well financed. He stated the <br />cities felt that if the private sector was investing in the planning process they would pay <br />attention and contribute to the plan. If the private sector was absent, it was often difficult <br />to obtain the cooperation necessary for implementation. <br /> <br />A question was asked regarding the estimated cost for a master plan and its <br />implementation. Mr. McComb responded that he was not involved in putting together <br />these types: of proposals; however, he did know that the budget for the station area of the <br />commuter rail in Anoka was $75,000. He felt that project was comparable to what was <br />needed for the Rum River commercial node. <br /> <br />There was discussion regarding the types of businesses that would be desired in the <br />commercial area. Mr. McComb suggested, within the next 10 years, there would be <br />opportunities for such businesses as a chain drugstore, hardware store, expanded <br />supermarket, home furnishings store, cell phone store, sporting goods store, etc. He <br />noted that i~sually an area like Rum River would have more service establishments. He <br />felt businesses that helped build a sense of destination and vitality were needed. <br /> <br />There was discussion regarding the cost of bringing utilities to the area and the proximity <br />of those utilities. It was noted that owners had requested a feasibility study, which would <br />be completed in approximately two months. Member Strommen indicated that two <br />feasibility studies had been ordered. Mr. Norman felt there were also opportunities for <br />higher density housing development in the area. <br /> <br />Member Kurak asked if there would be any type of bonding available if landowners <br />decided to go ahead with this type of project. Mr. Norman indicated that it might be a <br />TIF-eligible project. <br /> <br />Member Kurak asked if there were other cities that had redeveloped private property. <br />Mr. Norman indicated that it was a frequent occurrence. <br /> <br />Member Kurak noted that three different property owners would need to work together to <br />implement a master plan. She felt that there could be different commitments from each <br /> <br />Economic Development Authority / July 14, 2003 <br /> Page 4 of 7 <br /> <br /> <br />