Agenda Packets - 2017/12/04 (3) - Laserfiche WebLink

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DRAFT NOT APPROVED MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY AND INH PROPERTIES PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT, dated this day of , 2018 (the "Effective Date"), by and between the Mounds View Economic Development Authority, a public body corporate and politic under the laws of Minnesota ("EDA") and INH Property Management, Inc., a Minnesota corporation d/b/a INH Properties ("Developer") or its assigns: WITNESSETH: WHEREAS, EDA desires to promote development of certain property owned by the City of Mounds View Economic Development Authority known as Crossroad Pointe, located at 2390 and 2394 Mounds View Boulevard and 2400 County Road H2, in the City of Mounds View, State of Minnesota, which property is described and depicted in Exhibit A attached hereto ("Property"); and WHEREAS, Developer, or a special purpose entity to be formed by the Developer for the purpose of completing this project, has submitted or is in the process of submitting a proposal ("Proposal") for development of an approximately 124 unit (one hundred percent) market rate apartment building (subject to Section 10 of this Agreement) on a portion of the Property ("Multi- family Development"), which proposal is attached hereto as Exhibit C; and WHEREAS, Developer, or a special purpose entity to be formed by the Developer for the purpose of completing this project, has submitted or is in the process of submitting a proposal ("Proposal") for development of an approximately 124 unit (one Hundred percent) market rate apartment building (subject to Section 10 of this Agreement) on a portion of the Property ("Traditional Retail Development"), which proposal is attached hereto as Exhibit D; and WHEREAS, Developer, is proposing an approximately 15,000-20,000 square foot Heartland Gun Club & Range on a portion of the property ("Specialty Retail Development"), which proposal is attached hereto as Exhibit B; and WHEREAS, Developer, is proposing as an alternate or in conjunction with the special retail an approximately 3,000-5,000 square foot traditional retail portion of the development, which proposal is attached hereto as Exhibit D; and WHEREAS, the Development shall occur on the portion of the Property located at 2400 County Road H2 and legally described in Exhibit A attached hereto; and WHEREAS, EDA desires a retail and Heartland Gun Club & Range to be constructed on the remaining portion of the Property ("Traditional Retail and Specialty Retail Development"); and WHEREAS, EDA desires all three parcels, approximately 4.25 acres and all phases of development to be completed in its entirety by the end of 2020.