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EDC Minutes January 15, 2016 Page 5 of 8 Helgemoe asked about the timeline for development. Beeman said the developers originally wanted to be in the ground this spring, it depends on how long it takes to get the Development Agreement in place, the due diligence, and financing, etc. The financing process could take two to three months. Beeman also thought that the land needed to be rezoned to a PUD before development can occur as well as the bids, subcontractors, materials, etc. Beeman noted at this rate, the earliest the development could begin may be summer or fall. Helgemoe asked about the phased development. Beeman informed the Commission that Phase I is the three story 119 unit apartment building while Phase II is the triangular shaped property next to County Road 10. The Beard Group is only interested in Phase I at this time and may be interested in Phase 11 depending upon market demand. The city would be on-the-hook to market and find a developer for Phase 11. A restaurant with outdoor seating and/or a medical office building has been suggested with possible underground parking. The lack of parking may still be a concern so the Development Agreement may need to identify a shared parking area between the Phase I & 11 development. Beeman mentioned that he had talked to a developer who was interested in constructing a three story medical office space that would be in a triangular shape in the northwest corner and would be a modern glass building. However, the developer has since lost interest because they require a 70% prelease agreement for occupancy before they will commit to the project. Since they were unable to secure enough interest in the building, they have backed out of any negotiations on the site. Dahlstrom asked if the Crossroad Pointe development was the land near the old Robert's site. Beeman confirmed that it was the site and is about 4.25 acres. With the split development of Phase I & 11 one site will be 1.76 acres leaving the other phase a little more than two acres. Business Retention & Expansion Visit (BR&E) Updates Coordinator Beeman informed the Commission that due to his involvement with updating the financial policies, he was only able to complete one business retention visit this month. Technical Life Care presented at an EDC meeting about a year ago. They are currently talking about a possible second floor build-out. They are looking for more warehouse space and less office space and they are using some of the office space as storage. They like being around other medical companies in the Mounds View area and they continue to grow with plans to stay in Mounds View long-term. They would like to start a branch in Michigan and Wisconsin, however currently, 90% of their market share is from Minnesota. The company has 18 fulltime employees and four part-time with plans to hire two more fulltime employees this year. Last year they hired four fulltime and one part-time employee. They hire technicians who are already certified and who are graduates of the local technical colleges.