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Economic Development Manager Sullivan commented that if the EDA were to do this, and the <br />space were rented, the building would then become an EDA managed property and that rent could <br />be returned to the EDA. <br />Member Johnson asked the maintenance cost if the renovation occurs, and the space still remains <br />empty. She was unsure whether renting the area would be the right use. She asked if there are <br />any ideas on potential use of the space. <br />Economic Development Manager Sullivan replied that this site would lend itself to being an <br />incubator space or space that could be leased by a business for a certain period of time, such as a <br />boutique, CPA office during tax season, or music lessons. He stated that there is a furnace that <br />has been purchased but has not yet been hooked up and there is connection to city sewer and water <br />available but no air conditioning. He stated that once the space is fixed up, the maintenance would <br />be minimal. He commented that there was interest in using the space previously and did not think <br />it would be difficult to market the space for use by a business. He commented that while this was <br />not a staff initiative, he does see the benefit in not letting this building go to waste. <br />Acting Chairperson Stewart commented that without air conditioning, she did not believe there <br />would be a tenant for the summer months. <br />Economic Development Manager Sullivan commented that air conditioning is a preference but not <br />a requirement. <br />Member MacLennan stated that the City is already in the position of being a property owner and <br />asked if the City wants to be in the business of leasing space. He stated that most likely a business <br />would want their name on the building. <br />Economic Development Manager Sullivan commented that the building cannot have a business <br />name on the building, but they could have a sign out front. <br />Member MacLennan stated that there are historical elements inside and he was unsure that a <br />business would want those items. He asked if the land would be move valuable without the <br />building. <br />Economic Development Manager Sullivan replied that it is a challenging, small site with a lot of <br />mature trees that is not easy to access and therefore the likely user would be a destination use. He <br />stated that if the building is removed, that would be removing a historical landmark and was unsure <br />how that would be perceived. He acknowledged that there is not an easy answer. He stated that <br />if they are going to renovate it, this is the year being that it is the 50th anniversary. He stated that <br />at minimum the soffits and door need to be replaced and the dead trees removed. <br />Member Riley commented that the issue is whether they want to make this an EDA project, which <br />is where the leasing and revenue would come in. He commented that this is a City issue, but <br />perhaps not an EDA issue. He stated that specifically he does not think this is a good EDA project. <br />Economic Development Authority/ August 8, 2024 <br />Page 5 of 7 <br />