Minutes - Economic Development Authority - 04/10/2014

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4.05: EDA Updates Economic Development Manager LaFrance stated the Expo is scheduled for Saturday, April 19 and the event has been fully booked. He stated that the final meeting on the Old Municipal Center Site was held and further information will be presented to the EDA in May. He stated that a detailed listing update from CBRE is available and can be emailed to interested EDA members. City Administrator Ulrich reported that the City Council received an update from the consultant on Tuesday regarding the Armstrong interchange and learned that the funding is in the House bonding bill and is expected to be approved. He stated it appears that construction will begin toward the end of the year and the project will take two years. He added that staff has been working with McDonald's regarding their access and visibility during construction. Economic Development Manager LaFrance stated that the City Attorney provided information to the City Council regarding a number of options available for dissolving the HRA and further information will be provided to the EDA in the near future. He reported that the Falls Cafe has closed and staff has been talking to the landowner about their plans. He advised that the City signed a business subsidy agreement with Ramsey Retail Rental LLC as part of a restaurant subsidy but the City did not pay anything under that subsidy because the City did not receive the proper reports as required under the agreement so the agreement is void. He further explained that the landowner paid the SAC and WAC fees up front and the City was to provide those fees via a forgivable loan but a check was never written. He agreed to provide the EDA with the update he provided to the City Council regarding the Falls Cafe. Member Riley questioned whether the EDA should revisit the restaurant subsidy policy. City Administrator Ulrich stated the policy was intended as a temporary incentive to get restaurants into the City and then do away with the subsidy and the EDA could revisit the policy to determine if the City should subsidize the restaurant market. Chairperson Steffen requested that staff include an update on the Residence at the COR in its updates. He indicated that Ace Solid Waste was recently sold and suggested that staff meet with the new general manager in the near future. He also requested an update on Sunfish Express. Economic Development Manager LaFrance advised that staff has not contacted the Sunfish Express owners or the realtor, adding there has been some conversation about whether to add this as a small area land use planning project, noting this parcel falls under the Highway 10 study. 5. MEMBER/STAFF INPUT None. 6. ADJOURNMENT The regular meeting of the Economic Development Authority adjourned at 8:56 a.m. Economic Development Authority /April 10, 2014 Page 5 of 6