Agenda - Economic Development Authority - 08/08/2013

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Chairperson Steffen stated it would be ideal to have the site marketed by a single broker instead of three separate brokers. He asked if the City has done RFQs to hire a broker in the past and questioned whether the City should prepare an RFQ on land not owned by the City. Member Riley stated the three property owners have to make the decision and the City would only be the facilitator and suggested that staff meet with the property owners to tell them the City would like to help them work together to market the property. He stated the City should then step back and not engage in an RFQ process. Member Williams asked if this issue been brought up with the property owners in the past. Assistant to the City Administrator Brama replied the idea of a unified marketing plan was brought up at a previous meeting and there was conceptual buy -in from the property owners. Member Williams stated it was likely there would be issues, particularly with the bank, in having an exclusive listing agreement with one broker. Chairperson Steffen requested that staff inform the ownership group about what the City would like to pursue for marketing the property and to let them know Mr. Fisher was consulted about the best ways to market the site. Member LeTourneau asked if Mr. Fisher talked about ways to make the property more attractive for purchase, e.g., demolishing the buildings, and suggested that this idea be introduced to the property owners. Mr. Brama confirmed that staff will not conduct an RFQ and will meet with the ownership group to talk about selecting a lead broker and to discuss issues that may arise from exclusive listing agreements. He stated staff would also ask the ownership group if they are interested in pursuing demolition of the buildings before listing the property for sale. City Financial Tools Chairperson Steffen expressed support for the statement that the EDA will not consider City financial assistance for proposals that do not directly address existing blighted properties. Member LeTourneau stated that County HRA dollars might be a resource available for removal of blighted properties. It was consensus of the EDA to add paragraph (v) under City Financial Tools stating "County HRA dollars." Mr. Brama stated the State Redevelopment Grant and Loan Program refers to two separate programs and explained that if the City used the loan program the City has to be the property owner; as a result, this loan program should be stricken from the list of financial tools available. He stated the State Redevelopment Grant program is available and the City can apply for this grant on behalf of a property owner. He added that funds under this grant program are only available to projects that are ready to begin construction within the next twelve months. Economic Development Authority/July 18, 2013 Page 5 of 7