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Economic Development Advisory Committee <br />March 7, 2024 <br />Page 2 <br /> <br />DRAFT MINUTES <br />He further noted that Mountain Manufacturing, has since informed the City that they are <br />temporarily holding off on expansion but would still like to obtain the property. Mr. <br />Grochala described their hybrid plan to lease 45,000 square feet at another location and <br />expand the existing facility in four to five years. <br /> <br />Mr. Grochala presented options to the Board, with the absence of a project. The City <br />could 1) clear the title and let them purchase the property for $1.00; 2) the City could <br />charge them market value which is $13, 000; or 3) just hold onto it. <br /> <br />It was suggested by the Board to continue to sell it for $1.00 with a time contingency to <br />complete the project. If they fail to complete the project they will forfeit the property <br />back to the City. Another suggestion was to charge them a market price for the land with <br />an adjusted inflator to reflect value of the property in 4 – 5 years. The proceeds could be <br />held in escrow and if MIT constructed in that time the proceeds would revert back to <br />them. If the property was not developed, the City would receive the proceeds. <br /> <br />Mr. Grochala stated he would explore those options with MIT. <br /> <br /> <br />B. 35E Interchange Update <br /> <br />Over the past two years the City has partnered with Anoka and Ramsey Counties, White <br />Bear Township and the City of North Oaks to plan for the reconstruction of the Interstate <br />35E and County Road J interchange. Reconstruction of the interchange will include the <br />addition of northbound 35E on ramps and southbound off ramps. The improvements will <br />resolve existing operation problems and the interchange, increase capacity and address <br />operational problems at Ash and Centerville and the Centerville and County Road J <br />intersections. <br /> <br />Mr. Grochala addressed the Board questions and concerns. <br /> <br />C. Project Updates <br /> <br /> Mr. Grochala updated the committee on current City projects. <br /> <br />4. ADJOURNMENT <br /> <br />Meeting adjourned at 9:15 a.m. <br /> <br />Respectfully submitted, <br />Julie Whitney, Community Development Administrative Assistant <br /> <br />