Agenda - Economic Development Authority - 07/09/2015

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Economic Development Authority (EDA) Meeting Date: 07/09/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 2. Title: Review Future Business Park Infrastructure Analysis Preliminary Report Purpose/Background: PURPOSE: The purpose of this case is to review a preliminary report from Bolton & Menk on required infrastructure improvements to the City's future business park. Due to the complexity and length of this report, Staff would like to provide an opportunity for Bolton & Menk to present this report to the EDA from a preliminary perspective. This will allow for face-to-face dialoge, Q&A and EDA suggested edits/ changes to be made before Bolton & Menk finalizes this report in August (this case will be brought back to the EDA and Council in August for adoption). Staff has already reviewed and revised this document. Staff is not looking for a specific motion or direction from the EDA at this point. Staff Note: It is Staffs perspective, the "Project Financing" portion of this report is the last major outstanding item (page 11). Bolton & Menk would like to receive comments/ amendments to this preliminary report before the "Project Financing" section is completed. Staff intends to direct Bolton & Menk to develop multiple financing options (per acre, per lineal foot, per phase, etc.). Staff will also connect with other City's and private developers to identify alternative strategies for assigning costs/ project financing. Notification: NA Observations/Alternatives: NA Funding Source: TIF 1 Recommendation: NA Action: Staff has already reviewed and revised this document. Staff is not looking for a specific motion or direction from the EDA at this point. Staff is looking for general comments/ questions/ suggested amendments to the report. Staff will bring forward a case to the EDA and Council in August; at which time, the EDA will be asked to adopt this report (that report will also include a set of cost/ financing alternatives). After the final Bolton & Menk report is adopted in August, Staff will bring forward a detailed discussion related to the cost -benefit of a future business park in September; including the City's policy stance on several items (i.e. adopt a strategy for funding infrastructure, adopt a stance on incentives, and various other policy items).