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EDC Minutes Not Approved February 21, 2003 Page 3 3. 2003 Public Finance Seminar (Ehlers): On February 6 & 7 Backman attended the annual III TIF seminar that is put on by Ehlers. It was held at the Earle Brown Center in Brooklyn Center. Some of the sessions Backman attended were: TIF and Abatement Basics, Mixed Use Development, Land Assembly and Eminent Domain, TIF Legal Issues and Redevelopment, and TIF Management. 4. Developer Activities—Community Development Group (Amoco Site): I spent considerable time regarding this project during the past month and there has been significant progress. For several years the former Amoco gas station located at 2800 Co. Highway 10 has been closed. It has been consistently viewed by the EDC as a high priority for redevelopment. In September of last year Community Development Group(CDG), a developer from Michigan, began looking for various locations in the Twin Cities to build on for a national retailing company. The Company, headquartered on the East Coast, wishes to expand to the Twin Cities this year. Tony Strauss,the broker representing the BP Amoco site,indicated that the client needs a minimum of 1.7 acres of land and would build a 12,000 to 14,000 sq. ft. building. During Mid-December,CDG,the developer, made written offers to both Amoco and to the owners of the vacant land to the west of the Amoco parcels. To move the process along, Backman facilitated a meeting of all the parties at City Hall on Wednesday, February 5th. By the next day all the owners of the vacant property signed a letter of intent or LOI. The real estate committee for the end user met on Thursday, February 13th, and approved funding for the Mounds View location. Mounds View would be one of the first nine locations for the company in Minnesota. The name of the end user, a Fortune 50 company, has not been released by the developer at this time but will be available when the site plan comes before the Planning Commission early next month. • 5. Loads of Clothes Grand Opening: Back in November the two principals of the business indicated that they intended to open a new Laundromat in Silver View Plaza by February 15th. True to their word on February 13th Janet & Michelle had their Grand Opening. Loads of Clothes is located on the west end of Silver View Plaza. The Chamber sponsored the event that was well attended with representatives from SBA, Ramsey County, Kraus-Anderson, ALL, the equipment supplier, etc. Smart cards are used to operate the washers and dryers. Pay a visit. Damont,the general contractor, has done a beautiful job of finishing the space. 6. Developer Activities—Long Lake & Hwy 10 Medical Clinic: During the past year several potential businesses have considered the outparcels near the Wynnsong Theater complex. Since last Fall, a developer from the Osseo area has been negotiating with Anthony Properties, the broker representing the owner. This week the developer signed the documents to secure Parcel A (Long Lake Rd.) and Parcel B (Edgewood). The developer intends to develop both properties in 2003. A strip mall, potentially including a Starbucks, would be located in Parcel B. A two-story medical clinic providing optical, dental and other services would be built on Parcel A with access from Long Lake Road and Co. Hwy 10. Yesterday an architectural firm began surveying the property. 7. EDC BUSINESS A. Renaming of County Highway 10 (Old 10). Backman was encouraged by Jim Ericson to bring this matter before the EDC. He discussed the confusion that results from having Co. Highway 10 ill (Old 10)and State Trunk Highway 10(New 10). Belting mentioned that the NB-MV Chamber did previously discuss this issue without resolution. He did note there were important aspects to the debate in terms of business identification, lost customers, etc. Backman noted that the timing of a change was important so that businesses could adjust their advertising. Not sure if business