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EDA Meeting#42 August 25, 1997 • Page 2 1 2 Ms.Jennifer Bergman,Housing Inspector,explained that this resolution would approve the authorize entering 3 into an agreement with Loren Hansen of Loren Hansen Construction to construct a home and minimum 4 improvements on the lot located at 8265 Spring Lake Road. The next step will be to complete the Contract for 5 Private Development which will be brought back for review by the EDA. 6 7 Commissioner Stigney asked if there are any assurances that the developer will actually be occupying the 8 residence. Ms.Bergman explained that this is one of the requirements and will be a part of the contract 9 10 MOTION/SECOND: Koopmeiners/Stigney to Approve Resolution No. 97-EDA-73,Approving and 11 Authorizing the Execution of a Participation Agreement for the Redevelopment of 8265 Spring Lake Road. 12 13 VOTE: 5 ayes 0 nays Motion Carried 14 15 B. Consideration of Resolution No.97-EDA-67,Approving and Authorizing the Execution of a 16 Development Assistance Agreement with Everest Group,Ltd.,Regarding the Building"N"Project. 17 18 Ms. Cathy Bennett explained that at the May 12, 1997 EDA meeting,specific tennis for a development 19 assistance agreement were presented to the EDA and a motion was made to direct staff to prepare a 20 development assistance agreement accepting the terms as presented. Tim Nelson of the Everest Group is 21 requested that the EDA extend the term required to complete the 103,000 square foot Building N in the • 22 Mounds View Business Park from 1999 to 2002. She noted that the longer Everest waits to complete the 23 construction,the less increment will be available for him to collect on the project. The city will not incur any 24 additional risk by extending the term and the terms would be nonnegotiable at a later date. She did note that if 25 the date is extended to 2002,they will not have the opportunity to collect the increment for those three years if 26 it is not completed within the time frame. Ms.Bennett went through the negotiation terms of the agreement. 27 28 Tim Nelson of Everest Group explained that their goal is get the project built as quickly as possible,however 29 an extension would allow them additional time if the market did not warrant the completion of the building 30 prior to the 1999 deadline. He noted that for each year that the building is not done,they lose approximately 31 $150,000 of generated income so it is their desire to complete the project in a timely fashion. 32 33 Commissioner Quick asked if the have come to an agreement in regard to the amount for the Park Dedication 34 Fee. Ms.Bennett noted that this has been discussed but that there is a possibility that Everest has already paid 35 a portion of the Park Dedication Fee and staff is attempting to obtain documentation in that regard. 36 37 MOTION/SECOND: Quick/Stigney to table consideration of Resolution No. 97-EDA-67 until such time as 38 the Park Dedication Fee has been determined. 39 40 VOTE: 5 ayes 0 nays Motion Carried 41 42 C. Consideration of Resolution No.97-EDA-70,Appointing Economic Development Commission 43 Member to Fill Vacancy. 44 45 Ms.Bennett explained that Ms.Bev Tarhark resigned from the EDC in May and that per the Municipal Code, 46 the EDA President with the approval of a majority of the EDA Board must appoint new members for the 47 unfulfilled portion of the term. She noted that three applications were received from residents interested in 411 48 filling the vacancy. 49