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EDA Minutes 05-24-2011 (Special Meeting)SPECIAL MEETING MINUTES ECONOMIC DEVELOPMENT AUTHORITY (EDA) Tuesday, May 24, 2011- 7:00 a.m. Commissioners Present: President Bill Demeules, Treasurer Bill Tapper, Tracy Hinz, Matt Frie, and Council Members Tom Perrault and Brian Stumpf Staff: Executive Director Megan Barnett - Livgard, City Administrator Jeff O'Neill Other: Barry Fluth 1. Call to Order Bill Demeules called the meeting to order at 7:00 a.m. 2. Consideration of additional a¢enda items None 3. Discuss Landmark II Development Staff asked that the EDA meet with developer Barry Fluth to determine how to address his concern about the parcel he owns in downtown Monticello. TIF District #135 had been originally created to allow for the development of a commercial building on this parcel. The project has been on hold since the economy slowed. The EDA had agreed to work with Mr. Fluth to subsidize a TIF obligation of $180,000 on the parcel but, since there has been no development or tax increment generated, the EDA cannot pay that obligation. Barry Fluth would like to move forward with developing or exploring the option of selling his property. Last year City Council denied his rezoning request to develop a market rate apartment complex on the parcel. He is currently exploring a design which would include commercial on the main floor with residential above. The Embracing Downtown Study concept plan does not recommend residential use for this parcel but instead suggests combining it with other parcels for a junior tenant retail building. Jeff O'Neill pointed out that the study identified a market for additional retail and that the reorganization of that area would address that opportunity. Staff asked if the EDA might have an interest in working with Barry Fluth to either purchase this parcel from him for future development as directed by the Embracing Downtown Plan or negotiate a trade for City -owned property more suitable for residential purposes. Barry Fluth had previously expressed an interest in selling the property by responding to the inquiry distributed by the EDA to downtown land and business owners. He stated that he'd prefer to do commercial development but it is difficult to obtain financing. He wouldn't be interested in negotiating a trade for commercial property unless there were viable tenants associated with the property. Special Economic Development Authority Meeting Minutes - 05/24/11 Staff pointed out that this may be an opportunity to combine parcels to create a catalyst redevelopment project. The Embracing Downtown consultants would utilize a bubble plan as part of their recommended concept design. This would establish reference points for land use and development rather than focusing on rigid guidelines. Responses from the EDA were varied as to how to proceed. They reviewed a map of the downtown area and spoke of other City -owned properties which may be of interest. There was some discussion about the need to get something developed as well as some consideration of purchasing the property for future use while values are low. Staff made it clear that since there had been demolition on the parcel it would not be eligible as a redevelopment district but could possibly be considered an economic development district. The general consensus seemed to be to begin working with Barry Fluth to determine what options might be most appropriate to address this issue. Staff agreed to bring some type of preliminary agreement for EDA consideration to the June meeting. 4. Adiourn BILL TAPPER MOVED TO ADJOURN THE MEETING AT 7:25 AM. BRIAN STUMPF SECONDED THE MOTION. MOTION CARRIED 6 -0. Recorder: Kerry T. Burri Approved: June 22, 2011