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HomeMy WebLinkAbout2002.07.16 MINUTES • CITY OF COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY MINUTES JULY 16, 2002 Pursuant to due call and notice thereof, a regular meeting of the Economic Development Authority was held at City Hall, 7516 80th Street South, Cottage Grove, Minnesota on the 11th day of June 2002. CALL TO ORDER EDA President Jim Wolcott called the meeting to order at 7:30 a.m. ROLL CALL Members Present: Jim Wolcott, President Glen Kleven, Authority Member Dick Pederson, Authority Member Mike Wennen, Authority Member Members Absent: Sandy Shiely, Vice-President Fred Luden,Authority Member Gerard Weingartner, Authority Member Others Present: Ryan Schroeder, City Administrator Michelle Wolfe, Assistant City Administrator Scott Johnson, Management Analyst Mathias Baden, South Washington County Bulletin Proiect Updates Walgreen's — New store will open July 19th. ED-01-006—A number of developers have expressed interest in this redevelopment site. ED-01-030 — A company has shown interest in 25-30 acres in the industrial park. They want to build a 400,000 sf facility with rail access. The company has visited the site on two occasions. ED-01-037 - Plans to build a multi-tenant building in the industrial park appear to be moving forward. They will start with a 50,000 sf building with the option to expand up to 80,000 sf, but 1111 needs to pre-lease some space first. J Economic Development Authority- Minutes . July 16, 2002 Page 2 ED-02-025—This Company has shown high interest in relocating to the industrial park. Gateway Redevelopment—Kohls Kohls has approved the amendment to the development agreement. The city will still deliver the land by July of 2003. However, the completion date for the store will be October of 2004. This will allow more time for business relocation. The new time line will also help with the Hardwood Avenue project. This change will impact TIF revenues by $50,000 in the first year of payment. A motion was made by Glen Kleven to approve the amendment to the Kohls agreement. Dick Pederson seconded the motion and the motion carried unanimously. Next,the EDA discussed the purchase of the Ted Risk property. The purchase price for one- third of the office condos is $322,000. The other two-thirds of the building is waiting for an appraisal before selling. The EDA would receive the lease money from these units until they are relocated for the Kohls project. The money to buy the office condos is included in the original budget for this project. The city has been working closely with the owners and tenants to make this a positive experience for everyone involved. Glen Kleven made a motion to approve the purchase of one-third of the office condos. Mike Wennen seconded the motion and the motion carried unanimously. The EDA discussed the purchase of the home of Bill and Claudia Bruhn,who approached the city about buying their property. Buying the property would allow the city to relocate a tenant 4111 as part of the Kohl's project. This move would save the city$13,650 in relocation expenses. The EDA would be able to gain appreciation on the land and attach a bordering remnant piece. The parcel will be located at the corner of Harkness and Hardwood that is north by northeast of the Kohls site. The Bruhn's are asking $255,000 for the property. Glen Kleven thought the corner would be a commercial property opportunity. The money to pay for the property would be a trust fund expense. Any profit made on the property will go back to the EDA Trust Fund. Mike Wennen made a motion to approve the purchase of the Bill and Claudia Bruhn property. Dick Pederson seconded the motion and the motion carried unanimously. 2002 EDA Golf Outing Staff has suggested a limit for the golf outing at 136 participants. As of this date, the event has attracted 120 golfers. Next year staff would like to include a sponsorship level just above the current $300 Silver Sponsorship. There will be a noon shotgun start. Registration will begin at 11:00 AM. Staff is currently working on enhancements to the business meeting following the event. Included will be an unveiling of the newest development opportunities at the banquet. Jim Wolcott would like to see opportunities for sponsors to run hole contests. Livable Communities Grant Staff has prepared an application for a Livable Communities Grant. The grant money would assist a senior housing project in Cottage Grove. The funds could be used for land acquisition and amenities for the building. Dick Pederson made a motion to request the grant. Glen Kleven seconded the motion and the motion carried unanimously. • Economic Development Authority- Minutes July 16, 2002 Page 3 MEDP Golf Outing Sponsor Staff discussed the opportunity for the EDA to be a sponsor at the Annual Metro East Golf Tournament. The sponsorship would give the EDA publicity, a hole sponsor sign, and a foursome. This will also give the EDA the opportunity to speak to area developers. A motion was made by Dick Pederson to have the EDA become a sponsor at the MEDP Golf Outing. Mike Wennen seconded the motion and the motion carried unanimously. EDA Terms Staff has asked the EDA members to think about possible members to fill vacant seats in the future. EDAM Award The City of Cottage Grove was given an award by EDAM for the EDA's marketing campaign. Michelle Wolfe heard a number of good comments on the marketing campaign, which led to a lot of conversations about development opportunities in Cottage Grove. Manufacturers Week/Month • Staff will put this item on the agenda for the next meeting. ADJOURN Authority Member Mike Wennen moved to adjourn. Authority Member Dick Pederson seconded. Motion carried unanimously. Respectfully submitted, 'f• Scott liabewy Scott Johnson Management Analyst •