2020-07-15 EDA Packet - Laserfiche WebLink

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The State is distributing federal funds for COVID-19 relief to cities, through the CARES Act, offsetting expenses related to the pandemic. Below, is a chart showing the potential funding available to us. The city will first look to reimburse its own direct expenses, but if there are leftover funds, they could go towards a business relief program. City staff will be evaluating our expected expenses to determine if there will be available funds for such a program. COMMUNITY DEVELOPMENT Old Mill Estates The developer is working on buttoning up the Phase I improvements. Work remaining, includes the construction of trails and sidewalks, wear course paving and general site stabilization and finish grading. An extension to the time of performance for a few pieces of infrastructure on Phase I was granted at the last City Council meeting. The extension goes to the end of 2020 and appears to be a reasonable request. The city still holds a substantial letter of credit to ensure these elements are completed. A letter from the developer also outlines their approach to the timing of development for Phase II. Bay View Villas (Waterworks Site) The developer continues to work on site clean-up, restoration and landscaping. 7241 Main Street The prospective developer of this property recently contacted the city to reengage in the process of subdividing the property into 2 or 3 lots. We anticipate a sketch plan in the near future. Block 7 Property After the City Council Work Session in late April, regarding the Block 7 redevelopment project, staff reengaged with the developer to discuss the possibility of approaching the project without the use of Tax Increment Financing. The developer has said they will explore this option and, if viable, bring back a new proposal. No recent activity.