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Item No. 8B <br /> Meeting Date: February 15, 2008 <br /> Type of Business: EDC <br /> City of Mounds View Staff Report <br /> To: Economic Development Commission <br /> From: Heidi Steinmetz, Economic Development Specialist <br /> Item Title/Subject: Premium Stop Redevelopment <br /> The EDA held four discussions regarding the possibility of participating financially <br /> with the acquisition and redevelopment of Robert's located at 2400 County Road <br /> H2 on December 3rd, 10th and January 14th and 28th. Robert's is one of three <br /> parcels included in the first phase of the Premium Stop Redevelopment project. <br /> The consensus of the EDA on January 28th was that they do not wish to provide <br /> additional funding towards the Premium Stop Redevelopment Area but <br /> S authorized staff to submit a $510,000 Redevelopment Grant application to the <br /> Minnesota Department of Employment & Economic Development (DEED). If <br /> received, the grant will assist a developer to acquire and redevelop Robert's. <br /> The developer would also provide the local match that is required by the State. <br /> Grant awards are not expected to be announced until mid to late March and <br /> funds are not available until May or June. <br /> The property may be sold prior to the receipt of grant funds to a party who is <br /> interested in reusing the property as a bar. The interested party expects to <br /> submit a purchase offer the week of February 11th upon receipt of a sprinkler bid. <br /> Staff continues to work with Master Development on the Premium Stop <br /> Redevelopment Project under the terms of the Preliminary Development <br /> Agreement between the EDA and the developer. <br /> Respectfully submitted, <br /> Heidi Steinmetz <br /> • Economic Development Specialist <br />