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Item No. 8C <br /> Meeting Date: March 21, 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 Area Update <br /> On Monday, March 3rd, I e-mailed the EDC a "newsflash" memo, which staff had <br /> provided to the City Council on February 29th. The "news" was that 11 of 12 <br /> properties located within the Premium Stop Redevelopment Area are available <br /> for sale. This news is currently being marketing on the City's Web site. <br /> At the March 10th EDA meeting, staff suggested the idea of a development <br /> moratorium for the area, however there was not EDA/Council consensus to <br /> explore the idea. <br /> • It is anticipated that MN Dept. of Employment & Economic Development (DEED) <br /> will announce its redevelopment grant awards by the end of the month. As you <br /> may recall, staff submitted a grant application to DEED in late January for <br /> $510,000 of assistance for the redevelopment of Robert's. <br /> A purchase agreement between the current owner of Robert's (the bank) and an <br /> interested buyer is currently being negotiated. Contingent upon City approvals, <br /> the property could operate as a bar in approximately two months. <br /> On a related note, staff has scheduled a redevelopment "Roundtable" discussion <br /> for the April 7th Council Work Session. The purpose is to gain market and <br /> financial feasibility insight from the development community regarding the <br /> Premium Stop Redevelopment Area and the Saturn/MultiTech site. Please let <br /> staff know if you are interested in attending. <br /> Respectfully submitted, <br /> jez„,tatt„.„4 <br /> Heidi Steinmetz <br /> Economic Development Specialist <br />