2020.07.01 EDC Packet - Laserfiche WebLink

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Page 1 REQUEST FOR COMMISISON CONSIDERATION ITEM DESCRIPTION: General Local Updates DEPARTMENT HEAD’S APPROVAL: CITY MANAGER’S APPROVAL: No comments to supplement this report ___ Comments attached ___ Recommendations:  None History:  Since the last EDC meeting held on March 4th, staff has provided email updates to the Commission on local efforts to address COVID-19, and updates in general on items of interest to the Commission. If time allows, staff will do the same at the July 1st meeting. Financial Impact:  None. Summary: The following items are updates since last month:  MICOM Tax Base Revitalization Assistance (TBRA) Grant Last year, the City unsuccessfully pursued a $400K grant for the clean-up and rehabilitation of the former MICOM building at 475 Old Highway 8. Unfortunately, the project did not qualify for funding consideration at that time because the impact on local tax base was deemed insufficient. Turns out the County’s assessed value of the property at that time was roughly ten times larger than the property’s actual value in the real world due specifically to the contamination this grant would seek to clean up. Following receipt of the bad news, staff contacted the County and requested an on-site meeting to revisit the assessed value of the property. Needless to say, it did not take long for the assessor to dramatically lower the property’s value to be commensurate with its recent purchase price which in turn placed us in a great position for a grant during this year’s funding cycle. On June 11th, we learned that Met Council staff had deemed our project as being funding eligible based on its merits, and on June 15th, the Community Development Committee (CDC) of the Met Council included the project in their recommendation for funding this year. On June 24th, the full Met Council voted to support the recommendations of Agenda Section: VI Item: 3 Report Date: 06/24/20 Commission Meeting Date: 07/01/20