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EDC Minutes March 17, 2006 Page 3 3. Signed Purchase Agreement between CHO Investments (Premium Stop Site) and M.V. EDA on March 13, 2006: The City of Mounds View has a signed purchased agreement with the owners of the Premium Stop site at the corner of Co. Highway 10 and H2. The purchase price is $625,000 which would be paid out of available TIF dollars. Per the agreement, the seller is responsible for all costs associated with Phase I and 2 environmental assessments, and for removing the tanks. 4. Hidden Hollow South Residential Project—Dan Saplis, Coldwell Banker/Burnet: This residential project, involving six custom-built homes, continues to move forward. One change by the principal, Dan Saplis, is that the new street was widened and the diameter of the cul-de-sac increased to conform to City specifications. Saplis has received five quotes for grading the site and will go before the City Council for final plat approval in April. 5. Update on SYSCO Minnesota Parking Expansion: The City and SYSCO have now executed two documents—the Development Agreement and the Land Exchange Agreement. Construction is expected to begin this spring. 6. Update on Medtronic CRM Corporate Campus: Backman distributed a statement of permit fees for the North Building and the Parking Ramp at the Medtronic Site, and the site plan for the Medtronic campus. The City Council approved the acceleration of Phase 2 of the Medtronic campus on February 27, 2006. Thus, Phase 1 and 2 are now part of the initial phase of construction. Three office buildings will be constructed and a parking ramp with five levels. Opus submitted shell building plans for the North Building in February and plans for the Central and South Buildings on March 8th. Earthmoving began shortly thereafter. The City contractor, Jay Brothers, moved the Clubhouse from the Medtronic site to Random Park on March 11th. Belting commented that he thought it was a great idea to reuse the Clubhouse for a park building. Backman noted that the Minnesota legislature approved the revised legislation appropriating money for County Road J Reconstruction—reference to the City was removed and references to Ramsey and Anoka Counties were added. This satisfied legal concerns. Clear Channel began removal of the first two billboard signs during mid-March. 7. ADJOURNMENT There being no further business before the Commission, Johnson adjourned the March 17th meeting of the Economic Development Commission at 8:58 a.m. Respectfully submitted, Aaron A. Backman Economic Development Coordinator