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EDC Minutes <br />May 1, 2013 <br />Page 2of 5 <br />Commissioners discussed the advantages and disadvantages of each location. <br />Commissioner Huninghake <br />stated that North Heights Lutheran Church would not be his <br />preferred choice for 2013 due to the closure of Highway 96 and the difficulty of driving to the <br />north part of the City. <br />Councilmember Werner <br />suggested that one advantage of Flaherty’s is that it is located in the <br />B-2 Business District. <br />Chair von Holtum <br />added that Flaherty’s is a long-time local business and he likes the idea of <br />supporting a local business. <br />It was the consensus of the Commission to hold the 2013 State of the City event at Flaherty’s <br />Arden Bowl. <br />Community Development Director Hutmacher <br />asked whether Commissioners had a <br />preference for the date of the event. <br />It was the consensus of the Commission to schedule the State of the City event for Thursday, <br />September 12, 2013, 7:00 to 9:00 am. <br />Commissioners suggested that possible presentationtopics include TCAAP, the B-2 District <br />Improvement Plan, the Lexington Station development project, and road construction. <br />Commissioners suggested that it might be helpful to have a MnDOT representative speak. <br />B.Commercial/Industrial Property Analysis <br />Community Development Intern Bachler <br />stated that the Community Development Department <br />has begun an analysis of the City’s commercial and industrial property. He identified the sources <br />for the data used in the analysis and reviewed the data and preliminary findings. <br />Commissioner Erickson <br />inquired about the purpose of the analysis. <br />Community Development Director Hutmacher <br />replied that as the City considers reinstating or <br />revising the Economic Development Authority Revolving Loan Program, establishing a business <br />expansion and retention program, or commencing area plans for any of the business districts, it <br />would be helpful to have better information on the strengths and weaknesses of the City <br />commercial and industrial real estate market. <br />Community Development Intern Bachler <br />noted that the City’s overall vacancy rates were <br />consistent with vacancy rates in the northeast quadrant submarket. Vacancy rates for specific <br />uses or within certain business districts, however, vary from the submarket rates. For example, <br />thevacancy rates for industrial property in the Gateway Business District is only 2.8%, <br />compared to 20.7% in the Red Fox/Grey Fox District. The office vacancy rate in the B-2 District <br />