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EDC Minutes ,,�.�� August 20, 2004 Not© Approved Page 2 inquired if business financials had been sought. Backman replied that additional financial information was being sought in preparation for the next City Council meeting next Monday. Field asked about the principals' catering experience. Backman responded that Mr. Dodds had over 10 years of related experience, including working for Prom Catering and banquet/catering management at Greenhaven Golf Course. C. TCN Chamber of Commerce Update: The Chamber's Annual Meeting was held yesterday at Majestic Oaks. Helgemoe reported that the meeting was well attended. He noted that Eric Curry from the Minnesota Twins was the main speaker at the event. Backman mentioned that aTransportation Forum was held last week at Connexus Energy's Headquarters in the City of Ramsey. Bill Blazer from the Minnesota Chamber was the meeting's moderator. Funding priorities were discussed, including Highway 65, Hansen Blvd. Interchange,Hwy 610 and I-35W. Bob Benke, representing the Metro North Mayors' Association, also spoke to transportation priorities. As a regional group it is good to present our specific priorities to the legislature. D. Report of Staff: 1. Excavation, House Demolition and Bid Opening—Pro Craft Development: (Hidden Hollow): Johnson noted that ProCraft put an insert about Hidden Hollow into the TCN Chamber monthly newsletter. Backman noted that several activities occurred during the past month. During the week of July 20th,the uncapped well was sealed and asbestos siding removed at 3016 Co. Rd H2. The following week the house was demolished and site clearance activities were begun. Out of 17 lots, 10 already have deposits placed on them. 2. Land Closing on Amoco, Fox and Simon (Almost) Properties—Velmeir Companies (CVS Pharmacy Site): Backman expressed satisfaction that after a year and a half of effort, Amoco has sold its property to Velmeir. Fox has signed off and most of the Simon family has as well. Velmeir,the developer representing CVS Pharmacy in our area has 16 sites in the metro area that it is pursuing for CVS. Of those, six are under construction and two (Coon Rapids and Eagan) have been turned over to the end user. 3. Development Agreement Approved & Signed to Provide $75,000 in TIF Assistance to Velmeir Companies to Facilitate Redevelopment of Amoco Property: On July 26, 2004 the Mounds View EDA adopted a resolution (on a 3 to 1 vote) approving $75,000 in TIF assistance to Velmeir to facilitate the redevelopment of the former Amoco site. The money will be used to defray some of the stormwater management and demolition expenses. Field and Belting expressed the view that this was a good use of the City's TIF funds. 4. Authorization of TIF Developer Payments for Building N,Silver Lake Pointe, Midwest I.V.and Zep Manufacturing proiects: The City of Mounds View has five projects that require TIF payments to developers. Four payments were due in August—for Building N, Silver Lake Pointe, Midwest I.V., and Zep Manufacturing. Backman reminded members that Everest Development would receive its payment for Building N in February of 2005. Overall,the City is in good shape financially regarding its TIF districts. In fact,we will need to incur ED project costs in 2005 to avoid excess TIF being returned to Ramsey County. 6. EDC BUSINESS A. Potential Redevelopment of the Bridges Golf Course(CRESA Partners for Undisclosed Client): During July Backman was contacted by CRESA Partners of Minneapolis. They are a real estate advisor to some large companies and were seeking 50+ acres for a single user. After discussions it was clear that CRESA's undisclosed end user was interested in potentially buying