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EDC Minutes February 19, 2016 Page 3 of 5 6. REPORTS OF STAFF Crossroad Point Redevelopment Project 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 and Ramsey County to discuss financing options regarding housing developments offered by the County. The meeting seemed to go well and The Beard Group is still planning to break ground in the August/September 2016 timeframe with the idea of opening the facility in 2017. The building will be built all at once, however internally the project will be completed in two phases. This means that the outside of the building will look completed but certain parts of the building will be leasable while other floors are being worked on. The Beard Group will be receiving their market study by the end of this month which will tell them how many studios, and two & three bedroom units should be built. Other steps will be meeting with the County to figure out the road situation since Greenfield Ave seems too close to the intersection of County Rd 10 & H2. Financing will still need to be determined as well as the formal development agreement. They still want to use the 1.76 acre parcel at their staging area. The predevelopment agreement gives them a little less than a year to work out the due diligence. According to their timeline, the project is on schedule to meet their goal of ground breaking in early fall 2016. Business Retention & Expansion Visit (BR&E) Updates Coordinator Beeman informed the Commission that he was able to conduct a BR&E visit with Fedor's Market since the last meeting. Fedor's has been in business for 55 years and Beeman spoke to brothers Paul and Gordy Fedor. One brother said he remembers the Army site getting build and has also seen it get torn down. They have seen businesses come and go over the years and when they first started, Mounds View was mostly trees and didn't have the development we have now. Their building once housed City Hall, the Police Station, and even a hospital. They have decided to eliminate the grocery portion of their business due to steep competition but will keep the meat portion of their business. They are open to the idea of leasing out the extra space or for someone to buy the building then lease back about 1,200 square feet to them to keep operating the meat market. Helgemoe asked what type of tenant they were looking for to fill the vacancy. Beeman said they didn't specify and they are open to hearing options as an exit strategy. Stevenson said he had seen an article from 1955 at his last Lions Club meeting where Gordy was working as a meat cutter for another grocery store at the time before it was Fedor's. So, he has been working in the meat market for more than the 55 years it has been Fedor's Market. It is a remarkable history and both of them have received the Citizen of the Year award for 2015 and will be represented at the city's annual festival. Rice Creek Commons (TCAAP) Development Update Next, Coordinator Beeman provided an update on anticipated improvements relating to Rice Creek Commons. He informed the Commission that there hasn't been much