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HomeMy WebLinkAbout4. Approval of Minutes: October 04, 2005 OFFICIAL PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY SHAKOPEE, MINNESOTA REGULAR SESSION OCTOBER 4, 2005 Members Present: Helkamp, Joos, Lehman, Schmitt and President Menden Members Absent: None Staff Present: Mark McNeill, City Administrator; Kris Wilson, Assistant , to the City Administrator; Judith S. Cox, City Clerk; Jim Thomson, City Attorney; R. Michael Leek, Community Development Director; andBruce Loney, Public Works Director/City Engineer I. Roll Call President Menden called the meeting to order at 7:35 p.m. Roll call was taken as noted above. II. Approval of the A2:enda Lehman/Helkamp moved to approve the Agenda as written. Motion carried 5-0. III. Approval of Consent Business Items under the Consent Agenda were: Item No.4: Approval of the Minutes of the August 3, 2005 and September6, 2005 meetings. Item No.5: Approval of Bills in the amount of$557.46, ,'> Helkamp/Joos moved to approve the Consent Agenda. Motion carried 5-0. IV. Approval of Minutes Action was taken under the Consent Agenda. V. Approval of the Bills Action was taken under the Consent Agenda. VI. Report on Vacancy Rates for Commercial/IndustriaI Property Kris Wilson presented updated information on the vacancy rates of commercial buildings in the City. Kris' research indicated that there is currently 1.7M square feet of vacant commercial industrial space. Included in this figure is a 500,000 square foot property which is the ADC building that was constructed but never occupied. The 1.7M square foot figure does not include office space, retail, scattered small office space or land in Dean Lakes. Kris added that the Official Proceedings of the October 4, 2005 Economic Development Authority Page -2- majority of the vacancies are in the Valley Green Industrial area, the 'Hanson Boulevard area and the edge of Highway 101. Kris indicated that there are two major commercial brokers advertising commercial square footage to be sold or leased in the City. They are Welsh Companies and United Properties. Upon contacting both brokers, Kris relayed the major challenges identified by each. The opinion of Bill Ritter from Welsh Companies is that a significant issue is the fact that the large distribution facilities are not on an interstate. A representative from United Properties told Kris that any location south of the Minnesota River continues to be a challenge. Potential buyers/tenants are still looking for convenience and distance. As the costs increase for space on the Interstate 494 beltway and improvements are made to Highway 169, distance will be less of a barrier and space in Shakopee will be more desirable. The United Properties representative also stated that 2005 started strong but tapered off over the summer. Kris indicated that the report was informational only and that no action is required. VII. Other Business None VIII. Adiourn Lehman/Helkamp moved to adjourn the meeting. Motion carried 5-0. The meeting was adjourned at 7:42 p.m. B'~{W.~/ J dith S. Cox EDA Secretary City Clerk Andrea Bortness Recording Secretary