Agenda - Economic Development Authority - 10/10/2024

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Economic Development Manager Sullivan commented that if the EDA were to do this, and the space were rented, the building would then become an EDA managed property and that rent could be returned to the EDA. Member Johnson asked the maintenance cost if the renovation occurs, and the space still remains empty. She was unsure whether renting the area would be the right use. She asked if there are any ideas on potential use of the space. Economic Development Manager Sullivan replied that this la& would lend itself to being an incubator space or space that could be leased by a business forertain period of time, such as a boutique, CPA office during tax season, or music lessons. He stated that there is a furnace that has been purchased but has not yet been hooked up and there is connection to city sewer and water available but no air conditioning. He stated that once the, space is fixed up, the maintenance would be minimal. He commented that there was interest in using the space previously and did not think it would be difficult to market the space for use by a business. He commented that while this was not a staff initiative, he does see the benefit in not letting this building go to waste. Acting Chairperson Stewart commend that without air conditioning, she dot believe there would be a tenant for the summer Economic Development Manager Sulli ti commented that air conditioning is a preference but not a requirement. Member MacLennan stated thathe City is already in the posi- of being a property owner and asked if the City wants to be in the business of leasing space1-7stated that most likely a business would want their name on the building. Economic Development Manage ullivan commented that the building cannot have a business name on the building, but they couldave a sign out front. Member MacLennan state business would want those it building. there historical elements inside and he was unsure that a He asked if the land would be move valuable without the Economic Developme a Sullivan replied that it is a challenging, small site with a lot of mature trees that is not e cess and therefore the likely user would be a destination use. He stated that if the building is oved, that would be removing a historical landmark and was unsure how that would be perceived. He acknowledged that there is not an easy answer. He stated that if they are going to renovate it, this is the year being that it is the 50th anniversary. He stated that at minimum the soffits and door need to be replaced and the dead trees removed. Member Riley commented that the issue is whether they want to make this an EDA project, which is where the leasing and revenue would come in. He commented that this is a City issue, but perhaps not an EDA issue. He stated that specifically he does not think this is a good EDA project. Economic Development Authority/ August 8, 2024 Page 5 of 7