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ARDEN HILLS EDA MEETING—OCTOBER 28, 2013 2 None. 4. NEW BUSINESS A. Approve Preliminary 2014 EDA Budgets Treasurer Iverson reviewed the preliminary 2014 EDA budgets in detail. These budgets are: the summary page showing all of the EDA budgets, the EDA General Fund, the Revolving Loan Fund, TIF 2, TIF 3, and TIF 4. At the last EDA meeting, a transfer was approved as well as a budget amendment to remove non-tax increment revenues from TIF 2 and place them into the PIR Fund. This change has been made, and as a result, the interest income in that fund has been revised. There have not been any other major changes to these budgets since the last meeting. She requested the EDA approve the preliminary EDA budgets. President Grant asked which TIF District fiords would assist with the Rotund Lake Road project. Treasurer Iverson indicated that it would be TIF District 2. EDA Commissioner Holden questioned if the gateway sign amounts should be reduced. Treasurer Iverson stated that the amount was reduced from $50,000 to $40,000. MOTION: EDA Commissioner Holmes moved and EDA Commissioner Werner seconded a motion to approve the preliminary EDA budgets for 2014. The motion carried unanimously (5-0). B. Update on Car r ol I's Pr oper ty Executive Director Hutmacher stated that the City Council discussed the old CarrolI's Furniture building and property at the October 21, 2013, work session. At that meeting, the Council expressed an interest in exploring the possibility of purchasing the property. Staff has been in contact with the local broker and has learned that the property has two full-price offers. The potential buyers are interested in reusing the existing building. She indicated that the two full-price offers are of great interest to US Bank. She discussed the proposed uses for the site. EDA Commissioner Holmes asked if the potential buyers have been made aware of the Clty's interest in putting in a sidewalk. Executive Director Hutmacher commented that the broker is aware of this information and that she provides this information to any potential buyers who contact the City. A visual of where the sidewalk would be located was also provided. It was noted that the City has a partial easement for a portion of the sidewalk on this property, and that the main concern is the number of parking spaces that will be lost when a sidewalk is installed. EDA President Grant stated that the bank probably would not consider a lower offer from the City given the fact that there are two full-price offers on the table.