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1994 EDA Annual Reportmi o CRYSTAL ECONOMIC DEVELOPMENT AUTHORITY 1994 ANNUAL REPORT 1994 was a year of progress in which the Crystal Economic Development Authority (EDA) proceeded with several major commercial redevelopment projects. The EDA also continued its efforts to revitalize or redevelop scattered residential sites. The EDA developed several priorities for future economic development opportunities to maintain or improve the community. To facilitate commercial redevelopment, the Authority utilized tax increment financing to assist developers with the costs of redevelopment for the following projects. Much of the year focused on ensuring the redevelopment of the Anthony Shopping Center/Mielke Field area. Early in 1993, Supervalu negotiated acquisition of Mielke Field from the school district. The field and old Anthony Shopping Center were demolished in September to make way for the new Chalet Liquors and Cub Foods stores on that site. Redevelopment of the Mattress Liquidators site also commenced in September with the removal of the vacant, blighted Skipper's Restaurant. Construction is underway on the new 15,000 square foot commercial building. Mattress Liquidators will be one of the anchor tenants in that building. MGM Liquors will complete a major renovation of the old Mattress Liquidators building to complete the clean- up and improvement of the site. The EDA anticipates redevelopment of the northeast corner of Bass Lake Road and West Broadway to proceed as planned in 1995. The EDA established several priorities for future commercial redevelopment projects and directed staff to pursue developers and projects for the following sites: northeast corner of Wilshire Boulevard and County Road 81; and northwest corner of Corvallis and County Road 81. Continuing its efforts to revitalize the community's housing stock, the EDA acquired the following properties: 3505 Zane Avenue North 6812 - 44th Avenue North 5423 Welcome Avenue North - 3557 Regent Avenue North. The structures on these properties have been or will be demolished. The cleared parcels will be sold at market rates for new residential development. Several of the properties are included in the New Home program which is the City's effort to create higher value housing in established neighborhoods. The EDA, in conjunction with the Co-op Northwest Community Revitalization Corporation, acquired the property at 3033 Kentucky Avenue North. Staff will oversee rehabilitation of this property and upon completion, the property will be sold to a qualifying family. Once again, the EDA participated in the Minnesota Housing Finance Agency's program for first time home buyers. The City's allocation of approximately $750,000 was completely spent before the end of the program. In anticipation of the need for additional funds to address redevelopment issues and targeted sites, the EDA again requested the City Council to levy taxes specifically for redevelopment purposes. The levy was approved and will generate approximately $105,000 for the redevelopment fund. The redevelopment fund was established in 1994 and is intended to be a long-term resource for the City for redevelopment activities, particularly in situations where no other funds are available. The Economic Development Authority Advisory Commission (EDAAC) continued its pursuit of Star City designation. The Commission completed production of a video tape promoting the community which is airing on the local cable channel. The Commission also completed a general information booklet on the community which is being distributed to all new Crystal residents. With the completion of the one and five year action plan and goals for economic development, the Commission and EDA are awaiting word from the Minnesota Department of Trade and Economic Development that the City has successfully fulfilled the requirements for being named a Star City. M The EDA anticipates another active year in 1995 in pursuing additional commercial and residential redevelopment projects. The EDA looks forward to working with the EDAAC to continue to improve communication between the City and its business community and respond to various redevelopment proposals. Together, the EDA and EDAAC will work to revitalize and improve the City's businesses, neighborhoods and tax base.