05.01 - Economic Development Comm Update

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Economic Development Committee December 16, 2008 Page 2 of 4 ----------------------------------------------- Mark Jurchen reported that the downtown plan sub-committee has met twice. Mark noted that some of the main issues discussed at the meeting were: • Cost of the project per business per square foot • The need to keep moving forward • The concern of how to pay for the project • The need to be ready to move especially with the availability of state and federal funds • The need for a market analysis in order to ensure thy businesses when the project is complete. Sheila Haverkamp gave some scenarios on f indi Th 1 cost is 4.5 million with a total of about 20 blocks to share the co t as dete ed that the 4.5 million includes infrastructure repair and i ov ent costs. ssion was held regarding what amount, if any, the busi ses couli afford to pa . g up talked about types of funding. Discussion was held about the process that ne be followed to implement the plan. The EDC felt it was nec to have a vi s to what the City wants Pequot to become. One import t would be 'd businesses. It was the consensus of the EDC t pd on the Downtown Plan. Chair Larsen not he would a date t uncil on the goals and accomplishm o C. Discussion wa ab the timing e project for the Small Cities Develo ment Gr Government Drive including the storm w Id b ing p or the Small Cities Development Grant. cussion on Bo ents The reviewed list of"What's Missing in Pequot Lakes." It was decided that th must i tify what types of business both locals and tourists can support. 6. EDC Memb i and Terms Chair Larsen noted that the makeup of the EDC should eventually change. He recommended a new member to replace Nancy Adams position on the EDC. Chair Larsen suggested two year terms with a two time term limit. He further suggested that at the January 2009 meeting existing members choose from a one or two year term beginning January 2009.