Minutes - Economic Development Authority - 01/01/2005

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Chairperson Riley asked if moving the building would change the bank's interest. Member Elvig replied the building would retain its historical value if it remains on the property. The bank is interested in using the building for some type ora meeting room or community center with fairly minilnal use. Their purpose would be to leave the building there and use it as a part of their facilities. The City Administrator had noted that buying a property like that from the City could be complicated. Assistant City Administrator Nelson indicated she received 7 to 10 calls from folks in the community with interest in the building, which is what drove it back to the EDA to determine what should be done with the building. Ifa company were willing to come forward and put dollars towards the renovation of the building it might make sense. The Council had expressed a desire to keep the building in the public realm, which is complicated on the current site. To complete the renovation will require approximately $150,000 and dealing with the site issues. She indicated she has an appointment this afternoon with Landmark Bank to show them the property. Member Strommen stated her recollection is that there was strong interest in incorporating the building as a public feature into the Town Center, and that there would be a discussion with RTC, LLC regarding this. The consensus of the EDA was that the discussion of the old Town Hall should be brought back to the Council. Assistant City Administrator Nelson left the meeting at 8:25 a.m. Case #2: Command Corporation Property Acquisition Economic Development/TIF Specialist Sullivan reviewed with the EDA that staff as been approached by Minks Custom Homes to develop a site on Sunfish Lake Court. The proposed project calls for an initial office/warehouse building of 20,048 square feet. A future expansion of the 10,360 square feet is proposed for the project at a later date. Currently the land needed for this project is held by two property owners. National Growth owns a .88 acre parcel and Command Corporation owns the remaining 1.67 acres needed to complete the project. National Growth is a willing seller and it is undetermined if Command Corporation would be a willing seller. Last year the City approached Command Corporation and asked whether they would be interested in selling their property to the City. The asking price was $3.25 square feet and the willingness to sell was in question. The project would be an excellent fit for this area because it would provide high quality development at an important entry point corridor of the City. Economic Development/TIF Specialist Sullivan explained currently both parcels in question sit vacant and are not well maintained. The development that has occurred in recent years around this area has made the "natural" area more noticeable. Command Corporation owns a parcel totaling 2.5 acres and it would be beneficial but not necessary for the new developer to utilize the entire parcel for a more diverse development. Only 72,800 square feet would be required to complete phase one of the proposed project. Staff is asking for authorization to enter into Economic Development Authority/May 24, 2005 Page 5 of 8