07-27-11 EDC Packet - Laserfiche WebLink

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EDC Minutes June 22, 2011 Page 2 of 3 EDC members commented that topics of interest to the business community include an update on the stadium proposal and TCAAP development, an update on other development within the City, information on the City's finances and the 2012 budget, and the status of the B -2 District Implementation Plan. EDC members suggested that a multi -media approach to marketing would be most effective with the business community. Marketing efforts will utilize the City newsletter, website, and bulletin. The event will be announced at a City Council meeting. An advertisement will be posted in the Shoreview Arden Hills Bulletin. The Arden Hills — Shoreview rotary will be contacted and asked for assistance in publicizing the event. Although the State of the City event will be oriented towards the business community, residents are welcome to attend the free event. Staff will work to plan the event. An update will be provided to the EDC at the next meeting. B. Draft Tax Increment Financing (TIF) White Paper The EDC discussed the draft TIF White Paper prepared by the Financial Planning and Analysis Committee. Commissioner Erickson commented that he liked the idea of guidelines, although he did not know if a point system would be objective. He also suggested that affordable housing be removed from the list of regional goals since in order to accommodate new affordable housing development, the City would need to rezone land that was not appropriate for housing development. Commissioner Davidson commented that the City has historically been very conservative with TIF financing. He was concerned that the point system proposed in the draft White Paper would make redevelopment more difficult. City Administrator Klaers commented that the City may want to compare the proposed TIF spending guideline with the percentage of tax capacity in TIF districts in similar communities such as fully developed suburbs with a mix of commercial and residential development. C. Gateway Signs Staff reported that the City Council had reviewed sign styles and costs and provided feedback to staff that a sign with a masonry base was preferred. The cost of a masonry base sign is estimated to be $20,000 to $25,000 per sign. Staff is working on the draft 2012 — 2016 Capital Improvement Plan (CIP). The draft plan, subject to revision by the City Council, includes a $65,000 budget for signs in 2012. This would include the City's share of $15,000 for a sign on the southwest quadrant of Lexington Avenue and County Road E, as well as two additional signs. EDC members commented that sign location priorities were established at a previous meeting, and suggested that staff check the minutes to determine the recommended location priorities.