CCP 10-12-2004 - Laserfiche WebLink

Home Browse Search

.. ~ ~HILLS MEMORANDUM . DATE: October 6, 2004 AGENDA ITEM: 6B TO: Mayor and City Council Michelle Wolfe, City Administrator FROM: Scott Clark, Community Development Director SUBJECT: Approval of Charge ofthe Economic Development Commission On September 29,2004, the first Economic Development Commission (EDe) meeting convened (attached are unapproved minutes.) The main discussion centered on the fIrst charge of the group. It was decided that the preparation of a position paper to the City Council regarding economic development assistance to the TCAAP project would be appropriate based upon consensus by the Council. The specific question to be answered would be "Does the TCAAP project need economic development assistance and what types of issues does this present to the City as a whole." The rationale for the EDC to examine this is that part of the duties and functions, as outlined in the formation resolution passed earlier this year, focuses on redevelopment strategies (partial resolution attached) . . The tasks to be performed by the EDC would consist of the following: 1) Identification of redevelopment tools (e.g. tax increment, tax abatement, special service districts), how they can be used and the positive and negative aspects of each. Tools would be generally analyzed from the specific policy statement of not having the TCAAP project increasing the tax burden to the residents of Arden Hi11s. 2) The next step would be to have representatives of selected communities present their major redevelopment activities. Questions to be asked would include the nature of the development itself, what types of economic development assistance was given, how were the determinations made and what specifically was the funding given to. Preliminary thoughts was to examine three projects which could include Centennial Lakes (Edina), Excelsior on Grand (St. Louis Park) and Apache Plaza (St. Anthony) and/or Heart ofthe Cities (Burnsvi11e). 3) Examine the macroeconomic issues associated with TCAAP. This would not be an analysis of the developer's specific pro forma but examining the broad based economic issues (land and project costs, returns, etc.) that are associated with this project, regardless of who develops the property. Another part of this review would be discussions with an outside financial consultant as to how .