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EDC Minutes August 15,2008 Page 4 of 5 • 8. REPORTS OF STAFF A. Information Regarding EDCs Becoming EDAs The EDC briefly discussed this item last month per Chair Helgemoe's recommendation. New information added to this month's meeting packet was a list from the League of Minnesota Cities showing how EDAs are structured throughout the state. Ms. Steinmetz suggested postponing this topic until Chair Helgemoe is available. Commissioner Johnson said that this is good information but it is not an urgent issue at this time. B. Information Regarding University of Minnesota's Extension Service's Business Retention& Expansion (BR&E) Program Last month, the EDC discussed business retention efforts in Mounds View and Chair Helgemoe asked for more information on the U of M's BR&E Program. Attached to this month's packet was more information about the program; however Ms. Steinmetz recommended that Mounds View conduct an informal business retention program. C. Updated Economic Development Component of Comprehensive Plan The EDC spent several meetings this year providing input on the Economic Development component of the Comprehensive Plan; however staff is asking the EDC to review it one last time but no later than September 1, 2008. There is new information in the Economic • Development component thanks to Mr. Roberts fresh eyes (as a new employee). Mr. Roberts added that the city will be asking the Met Council for an extension for completing the entire Comprehensive Plan because the City has been short-staffed this year. D. Verbal Report on 96-Unit "Select Senior Living" Project Mr. Roberts presented the artist's rendering of the proposed 96-unit,three-story senior living facility for the northwest corner of County Road 10 and Groveland Road. This project would include the redevelopment of three lots: the former trailer hitch property and two single- family homes. The Planning Commission has recommended approval and the Council will review the proposal for the first time on August 25th. The developer hopes to begin construction this year. He estimated that the market value of the finished project will be$12 million. Commissioner Johnson asked if the developer has built similar projects elsewhere. Mr. Roberts said that the developer has built one in Coon Rapids and West St. Paul. Ms. Steinmetz stated that the key component of this project is the estimated $12 million of increased tax base, which is an example of the benefits of redevelopment. Mr. Roberts added that the developer has not requested City financing for this project. Commissioner Johnson asked if the City will be continuing the trails near the property. Mr. Roberts said that the developer will pay park dedication fees but the City will construct the trailway so that it is cohesive with the rest of the trail system. • Commissioner Entsminger inquired of the neighbors' concerns over the project. Mr. Roberts felt that the concerns related to maintaining privacy (noise, light).