Minutes - Economic Development Authority - 01/11/2007

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Center. Mr. Mulrooney indicated one of the concerns he would have in terms of spending a lot of dollars on marketing is the question of whether the City has ownership; the City cannot market something it does not own, but the City does have land to market and has to be involved in some way. There are many things that will be shaking out as a result of the death of the principal behind Town Center. It should be addressed whether the land is actually ready to be sold if the City were to spend a lot of dollars on marketing. The EDA may be able to bring in someone that is interested and then not look very professional in the sense that the land cannot be sold. Member Elvig noted there would need to be a carving out of marketing to strengthen the established businesses and the overall concept of Town Center. Chairperson Riley inquired if Ramsey Crossings will detract from Town Center. Economic Development Consultant Mulrooney replied from his experience there will need to be some infusion into the area. He believes this is what will likely happen with Ramsey Crossings, and it will enhance the area. He would equate this to the Riverdale area where there was a smaller project to the north that ultimately led to the rest of the retail to the south. Mr. Mulrooney observed the Town Center area is so large that it probably could have never been a situation with all big box, so even if the big box were to have gone to this side of Armstrong it probably would have only developed a portion of it. It is important for the EDA to be involved from the standpoint that the City is a stakeholder in Town Center. However, in order to move things forward the City needs to be involved too. This will likely be a long process, but there are things that can be done in the meantime that are related to the City. Member Elvig indicated there will likely be a foreclosure on the grounds, which will take one to two years. Timing is part of the issue; they cannot just go out and market and have nothing to sell. Although the City owns ground on paper it does not have full control of that yet. It will need to be determined whether the marketing would try to encourage new business or assist older businesses. There are certain private properties that are purchased and will redevelop regardless of what is happening with the master overall plan. Member LeTourneau noted the percentage of the property that is in foreclosure is not large; there is still a lot of property that can be developed. Community Development Director Trudgeon indicated the east side of Armstrong Boulevard is in private ownership and is not subject to foreclosure. The land on the west side of Armstrong Boulevard will go through foreclosure and the land where the parks are located will be held up. Member Elvig stated posturing the strength of Town Center and the overall flavor of what they are trying to establish as a community is a very beneficial approach. That is his vision of how the EDA would be involved in Town Center overall. Chairperson Riley suggested this topic may need to come back as a case to the EDA. Member Elvig suggested Economic Development Coordinator Sullivan should become involved in the Town Center Operations meetings. Member Schindel commented there is a misconception that Ramsey Town Center is Bruce Nedigaard and that Town Center is now in a tailspin. It is a good point that Mr. Nedigaard's portion of Town Center is small in relation to the private portion. There is a need to change that misconception and redirect the focus. Voting Yes: Chairperson Riley, Members LeTourneau, Elvig, Schindel, Steffen, and Strommen. V oting No: None. Absent: Member Kiefer. Chairperson Riley suggested a motion to ensure that a case is included on the next EDA agenda in order for the Board to get up to speed on the status of Town Center. This will be the foundation for the Board to decide what role the EDA would play in Town Center. Economic Development Authority/January 11, 2007 Page 6 of 11