Minutes - Economic Development Authority - 06/12/2014

Home

supporting the project in the amount of $250,000 and staff is working with CommonBond to apply for Met Council funding of $600,000 to assist in design of the project, scheduled to be completed in early 2016. He explained that rents at the complex are not subsidized and the target market is 60% AMI with four of the units being 30% AMI. He advised that the City Council moved to enter into a . Purchase Agreement with Imperial Development Company for the purchase of the old Amoco site to construct a Dollar General Store in 2015. He stated that staff has been utilizing Greater MSP's Salesforce system and requested that EDA members contact him with names of other businesses that should be contacted for BR &E visits. He discussed the Future Business Park and advised that the Planning Commission will review this matter at its meeting in July. He stated that the concept maps will assist staff in determining how many businesses would fit in the Future Business Park, as well as types of uses, location of the businesses, and capacity; in addition, staff is working to determine infrastructure needs and absorption rates. He indicated that staff is contemplating the use of a guiding principles document for the Future Business Park. Vice Chairperson Skaff requested an update regarding the OMC. Economic Development Manager LaFrance advised that the City Council voted 6 -1 on Tuesday to oppose the use of an overlay district to allow for a data center development. Member Riley stated that several members of the City Council and several residents questioned what technology would look like in ten or fifteen years and the potential that a data center would be obsolete in the future and this unknown was found to be unacceptable. He felt that the City had done a great job in addressing the issues raised by residents and mitigating many or most of the issues but obsolescence was something that the City could not do anything about. He stated that the potential impact on property values was also something that ultimately the City cannot control. Economic Development Manager LaFrance advised that CBRE has added Listing #13 and Listing #45 to its listing portfolio. He stated that the USCO /Schmidtbauer property has been listed by CBRE and staff is investigating the possibility of applying for Met Council TBRA funds for continued environmental investigation. 6. ADJOURNMENT Vice Chairperson Skaff adjourned the regular meeting of the Economic Development Authority at 8:34 a.m. Respec ifbmi -1 Ted ��aFrance, Eco omi Development Manager Aim M. Thieling, ity raft by Barbara Hughes (TimeS Off Site Secretarial, Inc.) Economic Development Authority /June 12, 2014 Page 4 of 4