05-23-1994 EDA WS - Laserfiche WebLink

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, _ . � �.---;_� _ __ � _ �� 1VIOUNDS VIEW E�CONONTIC DE��ELO]PNiENi AU'I�IORiTY k2EQUEST FOR EDA COI�SIDERATION STAFF REPOR7[' EDA NfEETING DAT`� May 23, 1994 EDA Action: ❑ Special Order of Busii�ess Agenda Section: 3' ❑ Public I-Iearings Report Number: EDA-94-3W5 ❑ Conscut Agcncla Rcpurt Datc: 5-19-94 ❑ CDt� Busincss Itcm D�scriptioii: Discussion of Resolution No. EDC-6, Authorizing and Approving a Certain Agreement between the EDA and Everest Group Executive Director's Review/Recommenda - No comments to supplemeiit tliis repo - Comnicuts attachecl Lxplauation/Summary �:�tL'ich sup�l�tnenl sheclS ;�s necessaty) S UMN[A RY: At the last EDA work session on May 9, 1994, a�roposed development agreement was discussed regarding guidelines for further TIF assistance for Mounds View bttsiness park. The attached agreement has been modified to contain confornuty with the City Municipal Code of Ordinances. This language would address the park dedication fees for future projects. The agreement also states that future projects "shall be an <�wnei•-occupied facility for a company or other user acceptable to the Board". Since that time, two potzntial users of both the Mounds View business park and the Watson property have been presented. I would like advice on how [ should present the City's TIF assistance to entice these companies. It could be done on a case by case basis or by using the guidelines presented in the agreement between the EDA and Everest for the business park. In ��articular, Everest is in contact with a user for a 60,000 - 75,000 s.f. facility. According to Everest this is a v�ry well established and growing company that would be an anchor tenant to build the entire 103,000 s.f. building (pi•ior designated as building N). Unfortunately, the coinpany is not interested in purchasing the property but would like to lease the facility. What would the EDA consider as an "other user acceptable to the board"? In addition, I need to respond to a request by a biopharmaceutical company who is searching the market for a 40,000 s.f. cor�orate headquarter site. I believe this company would be excellent for Mounds View and would be siiitable for either the Mounds View business park or the Watson Property which is located adjacent to the golf coursC. The com��any hxs e;stimated the huilding and equipment cost to total over $7 million which excludes the cost of the land. This is a very competitiveproject and we would need to use TIF to entice the company to consider Mounds View. The ��uidelines neecl,�to he discussed for the above nrqjects as well as future potential new companies. 1: �7 � � `� / 1�-, l/ �:�-� i ; � � .:��__. . RECO�Ii�1E�lDATI(�N: Cathy Development Coordinator