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EDC Minutes March 18, 2005 Page 2 not adopted) in the first House Committee hearing, was that the City of Mounds View contribute $1 million to the State Highway Trust Fund as part of the reverter clause legislation. The concern is that too large of a contribution to the state will stymie the deal. Backman was pulled out of the Bennett meeting to meet with Donn Hagmann from Medtronic. Hagmann indicated that Medtronic staff had discussed the reverter clause and the issue of a payment to the Trunk Highway Fund, and that Medtronic was willing to offer up to $1 million as a contribution to the Fund to make this deal happen. Backman communicated this offer to the City Council at its meeting on March 14th. He remains concerned that legislators could ask for more money to resolve the reverter clause issue. Overall there are two main transportation elements—first element entails improvements to County Road J and replacement of the Bridge; second element involves construction of a new Interchange for 35W and Lake Drive/Co. Road J. Funding for the first is being sought now, funding for the second could come five years later. Earlier this month the three cities reviewed design options for the second element and made recommendations to MnDOT. Backman distributed the latest version of the Medtronic Traffic Study. Negotiations with Medtronic have been going well regarding the terms and the Development Agreement. The challenge will be dealing with the signs. There have been four negotiating sessions with Clear Channel. Currently the City awaits a response to its latest counterproposal. 2. Laport Meadows Housing Development—Coldwell Banker/Skyline Builders (Minneapolis) & Rick Boschee Homes (Roseville): Backman distributed a map about this potential residential development. Primarily there are two developers that have shown continued interest in a housing project in Laport Meadows—Skyline Builders from Minneapolis and Rick Boschee Homes from Roseville. Both mentioned the Medtronic campus as a driver for their interest. Homeowners may or may not choose to sell their land to a developer. Field asked how the builders were selected. Backman replied that the City was approached by the developers (not the other way around, and unlike other projects). Backman went before the City Council on March 14th to discuss the City undertaking a wetland delineation study in 2005. Regardless of whether a residential project happens, it would be beneficial to do the study. It is useful information for existing homeowners and the City would control the information. The successful developer will have to deal with wetlands, a mixed ownership pattern, and the need for a sound wall. The type of units will depend on the proposal. 3. Potential Sale & Redevelopment of Gas for Less Site (2525 Co. Hwy 10): The Gas for Less site is up for sale again, eight months after it last sold. The current owners are very motivated and have signed a purchase agreement. Backman revealed that the end user is Synder’s. They have been working on the site for the past several months. What does the new location accomplish for them? The lease with Synder’s in Moundsview Square expires this September. The company wants greater visibility on Co. Road 10 and seeks to own their own facility. Their architect has submitted building plans for a structure half the size of CVS or Walgreen’s (6,000 sq. ft. vs. 12,000+ sq. ft.). Backman noted that they are retaining a store, not adding a store. 4. Woodale & Co. Road 10; Donut Connection, Oasis, etc.—Potential Redevelopment: Backman met with a developer regarding these redevelopment locations. The Woodale location could potentially be used for medical businesses, clinics, specialty grocery store, etc. Jim Ericson arrived at meeting. 6. EDC BUSINESS A. Discussion with Ken Henk, Director of Development and Construction, Paster Enterprises regarding Caribou Coffee Development and Potential Assistance. Backman introduced Ken