Classification of 'Majestic Ballroom' as a Substandard Building

Dissent: None

Moved by Board Member Katada [~00:10:40] · Seconded by Board Member Scott [~00:11:00]

Economic Development Director Nate Carlson presented the item, explaining that the 'Majestic Ballroom' has been vacant for over 20 years, last used in 2005/1999, and has severely deteriorated due to a removed AC unit exposing it to elements, leading to mold, asbestos, and stagnant water. A third-party inspection by LHB confirmed it's unsafe and beyond repair. The classification under State Law Section 469.174 Sub-paragraph 10 is a proactive step to create a future TIF-funded redevelopment area, part of the 'Innovation Village' strategic initiative. It was clarified that this action does not guarantee TIF assistance, requiring a 'but for' analysis from developers. The City and EDA have three years post-demolition to establish a TIF district. The City Council already approved similar measures and a demolition contract on July 15th. Discussion also covered why earlier action wasn't taken (due to efforts to work with the property owner) and the mechanism for the city to recover demolition costs through a deferred assessment with priority over other liens upon property sale.