Agenda - Economic Development Authority - 12/13/2012

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Besides seeding, demolition and cleanup of the Subject Property is complete. Staff is working with the project contractor to make sure said work is completed. More updates will be provided as information is available. At the November EDA meeting, it was decided to consider future development of the Subject Property in conjunction with surrounding parcels, as the City will likely attain adjacent properties. Staff will bring forward a case regarding the future development of this parcel at the January/February EDA meeting. Kuro Fitness RLF The EDA and City Council approved an EDA Revolving Loan Application for Kuro Fitness in November. Staff is working with the RLF applicant to close the approved said loan. This process is on hold until Kuro Fitness is open and Staff has an opportunity to inventory collateral. It's anticipated the store will open and the City's loan will be closed in the next three weeks. 6745 Highway 10 Lease As part of the effort to realign Highway 10, the State enabled Cities to purchase properties located in future right of way with Revolving Acquisition Loan Fund (RALF) dollars. The City of Ramsey owns a number of RALF properties along the north side of Highway 10. One of those properties is 6745 Highway 10, known as Independent Auto ("Subject Property"). The Subject Property contains a small auto retail center (front) and a large cold storage facility (rear). The front of the Subject property is rented by Independent Auto. The rear cold storage portion of the property has remained vacant since October of 2012. In November, the City Council approved a lease with Independent Auto for the cold storage area located in the rear of the Subject Property. Additionally, the City approved a sublease between Independent Auto and First Choice Towing for the front portion of the Subject Property. CDBG Opportunities The Federal Government administers a grant program known as Community Development Block Grants (CDBG). This program is versatile and provides a wide range of potential uses. Staff would like input from the EDA on what projects the City should pursue CDBG funding. This item will be included in the EDA's work -plan process, April 2013. 2013 EDA Officers The City's EDA Chair (Chris Riley) and Vice Chair/Treasurer (Wayne Skaff) terms expire on December 31, 2012. The EDA will need to appoint a 2013 Chair and Vice Chair/Treasurer at the January EDA meeting. Due to recent elections, the EDA board will be down to five members come January. The Council will make appointments for the two vacant EDA member seats come April. The Mayor will make appointments for the two standing Councilmember EDA positions come January (before the January EDAmeeting). Property Sale, 6781 Hwy 10 Update at meeting. Property Purchase (City), 8019 146th Ave Update at meeting. Funding Source: NA Staff Recommendation: