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i~c,momic Development/TIF Specialist Sullivan indicated he will do his best to provide the EDA <br />members with timely notices. <br /> <br />C~sc #3: 2005 Update/2006 Priorities <br /> <br />}'~c(momic Development/TIF Specialist Sullivan reviewed that staff has been working hard on <br />~tctiuiring, marketing and developing land in the City's industrial areas. In 2004 a summary was <br />tm>vided to the EDA stating how much industrial development had occurred over the past six <br />years. A new summary has been completed and additional information has been added to the <br />summary ~br discussion. He explained 2005 was a very active year for industrial development <br />and redevelopment. Approximately $10,250,000 in new market value was created through the <br />,~:onstruction/expansion of eight industrial buildings. These projects will create at least 25 new <br />jobs fi)r the City and have the potential to create many more. The industrial growth in this <br />,:ommunity has reduced the City's industrial land inventory. Currently, the City has <br />~pproximately 3l acres of land left for industrial development. It is time to look toward the <br />i'uture and try to determine if the City should acquire more land .to accommodate this continued <br />indus trial growth. <br /> <br />¥[,:mber Gromberg inquired about a possible location for the acquisition of land and how the <br />pt~_t'chasc would be funded. Economic Development/TIF Specialist Sullivan reviewed the area of <br />cl~c City north ot' Sunwood Drive, which is currently owned by the MPCA. He explained this <br />area could become an expansion of the Sunfish Lake Business Park. The acquisition could be <br />fimcled through an EDA bond or a TIF bond. He explained Sunfish Lake Business Park was paid <br />tbr out o i' TIF District No. 1. This current acquisition could be funded similarly from other TIF <br />districts that are financially stable or have excess funds at the end of the district's duration. TIF <br />District No. 2 has the potential for $3 million in funds that are unallocated at this time. The <br />budg{:ts can be modified to allow allocation to go to purchases such as this. Staff has not <br />approached the MPCA regarding the status of whether this property would be for sale. If the <br />EDA is in agreement with the suggestion he would like direction to explore possibilities for this <br />lar~d and aft, nding mechanism to accomplish the acquisition. <br /> <br />M~m~ber Strommen inquired about other options for land acquisition. Economic <br />I)t:velopment/TIF Specialist Sullivan replied staff is open to suggestions from the EDA on <br />possible sites ~br land acquisition. <br /> <br />['l;e consensus of the EDA was to direct staff to conduct fact gathering regarding the purchase of <br />!he MPCA owned land north of Sunwood Drive and adjacent to Sunfish Lake Business Park, to <br />d,xermi~c it: the MPCA would be a willing seller of this land, and to identify other possible <br />par'eels in the City for acquisition for industrial use. <br /> <br />'vl(:mbcr Gromberg stated at some point the City will need to make a determination regarding the <br />possible mzoning of other areas in the City. <br /> <br />Member Strommen indicated the Council is in the process of updating the Comprehensive Plan. <br />She suggested it would be beneficial for the EDA to be part of that discussion. <br /> <br />Economic Development Authority/October 12, 2005 <br /> Page 4 of 5 <br /> <br />4 <br /> <br /> <br />