Agenda - Economic Development Authority - 12/09/2002

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Staff was directed to provide information as follows: Cash flow within the TIF District to determine if purchase could be covered in the short-term. Potential length of lease with Tom Sauter. Spreadsheet demonstrating cost per property, including purchase pr/ce and clean up. Additional discussion ensued concerning the timeframe for a quick take and when a decision needed to be reached to ensure possession was completed prior to the June 2003 deadline. Motion by Member LeTourneau, seconded by Member Steffen, to table the issue until further information was provided on the above stated items. Motion carried. Voting Yes: Vice Chairperson Kiefer, Members LeTourneau, Steffen, Anderson, Gromberg. Voting No: None. Absent: Chairperson Riley and Member Zimmerman. Case #3: Staff Update The EDA reviewed the staff update. Associate planner Wald gave a summary of the Direct Enclosures sale, explaining that this was for information only. Member LeTourneau asked what had happened to Direct EnClosures. Associate Planner kVald indicated they went out of business, She noted that since the property is in a TIF district the City Council would have to approve the TIF agreement under the'new buyer's name. Vice Chairperson Kiefer questioned who held the agreement in the interim. Member Gromberg stated the bank has it Until sale is made. Vice Chairperson Kiefer explained that the City Council had tabled' the U.S. Highway #10 Moratorium until February or March of 2003. Vice Chairperson Kiefer asked if there was any update on. Panther Precision. Associate Planner Wald explained that they were moving ahead with building plans. MEMBER INPUT Vice Chairperson Kiefer asked the EDA what role they felt they should play in reviewing the impact of the new Downtown Center on existing businesses to ensure they aren't hurt by new constructiOn. 14 Economic Development Authority / NOvember 18, 2002 Page 4 of 6