Minutes - Economic Development Authority - 05/13/2021

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Economic Development Manager Sullivan noted that those are the properties with existing buildings. He noted that some of those properties are willing sellers, but not all of them. Matt Kuker, PSD, stated that they have been working to develop the Bunker Lake Industrial Park for the past three to four years and are 100 percent full, working on their fourth building. He stated that some people want to stand alone, with 20,000 or 30,000 square feet. He explained that their concept is to have larger buildings with shared infrastructure, but some people simply prefer to have their own building. He stated that he has an interested party, but that party chose to go elsewhere because of the condition of the road that provides access from Ferret Street and with the time it would add for the trucks to be weighed at the nearby scale site. He stated that the road has come up multiple times when he is showing his site to potential users. He supported Ferret St to be extended north to Bunker. Chairperson Steffen asked if there is additional space on the PSD site for additional buildings after building four. Mr. Kuker replied that he would have 18 to 20 acres to the west of the fourth building in Bunker Lake Industrial Park. He noted that the number of buildings that could fit on the remainder of the site would vary depending on the shape and/or size but noted that if they stay consistent with the size they have been building, he would estimate about three more buildings. He stated that they would support Ferret Street running across their property. He stated that he believes that the western portion of that parcel would be more suited for industrial rather than retail. He believed a 20,000/15,000 square foot building or small industrial user would fit on that area that would be created by splitting the parcel with the road. He provided additional details on the other PSD property in the area, anticipating a quick service food restaurant or gas station. He commented that the City has recently been doing a good job of cleaning up the blight on properties in that area. He commented on the cost to construct an industrial building and noted that those property owners do not want to see blight adjacent to their expensive newly constructed building. Chairperson Steffen asked whether this could be done through development or whether the City would need to step in. Economic Development Manager Sullivan commented that the first decision would be whether the EDA supports additional industrial use and then the question can be asked as to the involvement the City should have. th Member Cords commented that it sounds like the first step would be fixing 147 and Ferret Street. Mr. Kuker agreed that the road is the first step as that is the first thing people notice when coming to look at the property. He stated that an owner-occupied building would also generate additional tax dollars. Member Cords asked fixing the roads would mean that sewer and water would need to be added while the road is being reconstructed. Economic Development Authority/ May 13, 2021 Page 4 of 11