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EDC Minutes July 16, 2004 Not Approved Page 2 Monday the City Council took no action regarding the revised agreement. Additionally, the Council instructed staff to proceed with a new Request for Proposal(RFP)process regarding the Banquet Center Management Agreement. The current Interim Agreement with the Mermaid expires on December 31, 2004. The Council also requested that the RFP be sent to businesses outside of Mounds View. Backman assembled a list of 15 prospective caterers/managers. The proposals are due to the City of Mounds View on July 30th. Entsminger asked if the Mermaid has increased business at the MVCC. Backman replied that certain types of business have increased and that financially the City is in better shape than before regarding this operation. D. Report of Staff: 1. Final Plat Approval and Land Closing on Fyksen and City Property—Pro Craft Development: (Hidden Hollow): On June 28th the Mounds View City Council voted 5 to 0 to approve the final plat for the Hidden Hollow project. The Purchase & Redevelopment Agreement between the City and the Developer was signed on the same day. Pro Craft closed on the Fyksen property on June 30th and on the City's property at the Land Title offices in New Brighton on July 30th, The City received a check for approximately$94,000. This reflected a $59,000 principal payment, $41,000 for Park Dedication minus the payment of $6,000 in special assessments. The next step for the project in on June 28th, the final plat will be considered by the City Council. 2. Awarding Contracts for Demolition of Home at 3016 Co. Rd H2, Asbestos Abatement, and Sealing Uncapped Well: The next step for the Hidden Hollow project is the demolition of the house at 3016 Co. Rd. H2. On July 12 the EDA considered approving contracts for sealing an uncapped well, asbestos abatement, and demolition of the house. B& D Well Sealing was awarded a contract to cap the well prior to demolition. Erickson Enterprises was selected for the asbestos removal and Kevitt Excavating the home demolition. Field inquired whether the house could have been moved. Backman stated that staff considered a variety of options and this one was the most economical. 3. Final Plat and Land Closing on Amoco Property—Velmeir Companies (CVS Pharmacy): Backman discussed the status of the project with Jim LaValle, Velmeir. Closing with all the owners is tentatively slated for August 2na with Chicago Title. Ramsey County has reviewed the title twice. The current budget for the project is $3.65 million. This includes approximately$1.0 million for land acquisition costs. 4. Development Agreement to Provide $75,000 in TIF Assistance to Velmeir Companies to Facilitate Redevelopment of Amoco Property: Velmeir, the Developer, has asked for some financial assistance as a result of the additional costs associated with stormwater management. Velmeir has asked for$75,000 in form of a TIF grant that would be used for demolition/site clearance, stormwater requirements, and/or park dedication fees. On June 28, 2004 the City Council approved (on a 4 to 1 vote) providing $75,000 for stormwater and/or site clearance activities. The monies would come from TIF District #2. Construction on the CVS Pharmacy building is expected to begin in early August. 5. Approval of Modification of the Economic Development Project Plan (TIF Mod.) to Identify Parcels for Potential Acquisition: Backman reminded the Commission that they had reviewed the Plan Modification at three previous meetings. The EDA/City Council held a public hearing on June 28th regarding the modification. It was adopted unanimously. This process is basically done following notification of Ramsey County and the state.