EDC 06-15-2010 - Laserfiche WebLink

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MINUTES New Brighton Economic Development Commission Not Approved Regular Meeting — May 18, 2010 7:30 a.m. Members/Liaisons Present: David Phillips, Mark Nelson, Bob Benke, Dennis Flahave, Mike Murlowski, Terri Snell, ;Td—Ruben Vasquez, Members/Liaisons Absent: Marie Hansen, D.L. Beach, and Bob Smith Staff Present: Grant Femelius, Community Development Director; Katie Bruno, Office Assistant. Call to Order Commissioner Nelson called the meeting to order. Approval of Minutes Motion by Commissioner Flahave, seconded by Commissioner Benke to approve the April 20, 2010 minutes. 6 ayes, 0 nays. Motion Approved. Report from Council Liaison Councilmember Phillips reported the council took a tour of three large rental housing facilities in the metro area. Council continues to work on the budget, both 2010 and 2011. It was reported revenue from building permits are down, with no expectation of improvement in 2011. Northwest Quadrant Report Director Femelius reported staff has introduced new developers to the Northwest Quadrant; six or seven developers were consulted; there was some interest in multi -family housing as well as senior housing. On May 3`d the Council went on a tour of recent apartment developments that were completed in the cities of St. Anthony (The Landings at Silver Lake Village) and St. Louis Park (Hoigaard Village and Excelsior & Grand). These projects were developed by Dominium, Dunbar Development, and TOLD Development, respectively. Femelius reported demographics is driving the demand for high end rental housing. Developers report financing as the biggest challenge in starting development. Femelius reported there is a "Jobs Bill" that is driving development in the near future, this bill requires construction begin by July 1, 2011. Director Femelius reported all three developers expressed interest, with Dominium and Dunbar being most interested. Commissioner Benke suggested the EDC be included in any tours. Director Femelius reported the housing market is demand driven, and the quality of the market value units was described as "high end." Commissioner Benke questioned the general status of the office vacancy in New Brighton; Director Femelius reported there is vacancy in single story office warehouses; the larger metro area has a 14-15% vacancy rate. Rebrandin¢ Director Femelius reported Risdall Marketing presented concept names earlier in the year. Neither the EDC or the Council was enthusiastic with the outcome. Council has requested Public Input in the naming process, and a contest is underway.