07 14 25 EDA Meeting
Friday, August 15, 2025
Approval of March 10th, 2025 EDA meeting minutes
Downtown purchase agreement status update
Review of revised concept site plan for city-owned property at Main and Maple
Discussion of 5210 Main Street East acquisition status and counter-offer
Evaluation of 71-unit market rate apartment development proposal
Tax increment financing (TIF) eligibility and district establishment process
Areas of Interest (4)
- City fails to acquire 5210 Main Street East for downtown project, forcing a redesign of the Main and Maple development plan.
- Developer warns that residential projects below 70 units lack economic feasibility, threatening project viability.
- City negotiating a 26-year TIF district to fund both developer gaps and public infrastructure, including street reconstruction.
- Legal battle over 'reversionary interest' clause grants city power to reclaim land if developer fails to perform.
Votes (3)
Adopt tonight's agenda
Moved by Francis · Seconded by Bureick
Approve March 10th, 2025 EDA meeting minutes
Moved by Berk · Seconded by Francis
Approve revised purchase agreement and concept site plan
Moved by Bureick · Seconded by Duca
Notable Quotes (2)
One of the biggest items that we worked through um was the idea that the city would have the ability essentially um to take possession of or retake possession of the city property should the developer not be able to meet the requirements.
After this step, I think we sit down with Northland and really vet that tiff number out, make sure the gap can be covered.
People (3)
Mark ColtusCity PlannerPresented the revised concept plan and purchase agreement details for the downtown redevelopment project.
1 quote
Presented the revised concept plan and purchase agreement details for the downtown redevelopment project.
“The concept plan that's presented your packet then you can see um has access coming into the property from Main Street.”
Explaining the shift in building orientation due to not including 5210 Main Street.
Matt AlexanderDeveloperRepresentative of Northshore Development Partners working on the apartment complex redevelopment.
1 quote
Representative of Northshore Development Partners working on the apartment complex redevelopment.
“Once you get too small, it's just not very it's just it gets so inefficient to run an apartment building.”
Explaining the economic necessity of maintaining a unit count near 70+ units.
Commissioner DucaCommissionerInquired about incorporating City Hall space and the 26-year TIF duration.
Inquired about incorporating City Hall space and the 26-year TIF duration.
Places Mentioned
Events & Meetings (2)
- Monday, July 14th, 2025 at 7:00 p.m.
- March 10th, 2025 (Previous meeting referenced)