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EDC Minutes January 15, 2016 Page 4 of 8 city's legal team. Beeman also hears regular updates from the Economic Development Association of Minnesota. However, the city hasn't set a formal review date for these policies. Beeman said establishing a regular review date is a good idea and he will continue to stay updated as much as possible to changing Statutes. Dahlstrom suggested that regular updates may be less costly than waiting a long time then having to redo the entire policy. Helgemoe stated that even though the review of the policies is more of an internal process and the attorneys review the statutes, it is ultimately up to staff to make the changes. Beeman suggested that the EDC place it as one of the goals for the 2016 EDC list of goals that will be discussed at the February meeting. Helgemoe thought this was a good idea to place the review of policies as one of the goals. Beeman agreed that this is something the EDC should discuss at the next meeting. Helgemoe asked for any other comments on the policy. Hearing none, Commissioner Freichels made a motion. Motion/Second: Commissioner Freichels moved and Commissioner Dahlstrom seconded the motion recommending that the combined policy move forward to the EDA for consideration. Motion Carried: 6 Ayes, 0 Nays 6. REPORTS OF STAFF Crossroad Point Redevelopment Prosect Business Development Coordinator, Beeman provided the Commission with an update on the Crossroad Pointe redevelopment site. Beeman stated that staff has met with The Beard Group to discuss the Preliminary Development Agreement. The Beard Group was hung up on a few of the clauses but has since agreed to move forward in recommending the Predevelopment Agreement to the EDA on January 25. Helgemoe asked if The Beard Group was the only developer for the site. Beeman informed the EDC that he had contacted approximately 40 or so developers with about twelve showing interest and only one actually submitting a proposal. Helgemoe asked if The Beard Group was one of the developers that the city had toured last summer. Beeman confirmed that The Beard Group was the developer that the group had toured at the Osseo site. Beeman stated that after the joint meeting with Council, EDC, and the Planning Commission, that The Beard Group is the developer that the group seemed to like the most as far as the product and since that time, the Council has instructed staff to work with the developer to bring forward a Predevelopment Agreement. Beeman clarified that the Predevelopment Agreement protects the developer buying them time to do their due diligence so another developer can't come in after the proposal deadline. The agreement for the most part is non-binding as for the terms, but rather identifies main areas where both parties can preliminarily come to a consensus before the formal Development Agreement is finalized.