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Item No. 7A <br /> Staff Report No. EDA-97-67C <br /> Meeting Date: March 10. 1997 <br /> Type of Business: EDAB <br /> WK:WorkSession;PH:Public Hearing <br /> CA:ConsentAgenda;EDAB:EDA Business <br /> Mounds View Economic) Development Authority <br /> Stag R® ort <br /> To: EDA Board Members <br /> From: Cathy Bennett, Director of Economic Development <br /> Item Title/Subject: Consideration of Resolution No. 97-EDA62 <br /> Authorizing Staff to Pursue the Negotiation of a <br /> Purchase Agreement with MSP Real Estate. <br /> Date of Report: March 6, 1997 <br /> The developer of the senior housing complex, Silver Lake Pointe located on County <br /> Road I, is interested in the redevelopment of the former Pleasant Wood Apartments <br /> and developing new townhomes on the vacant land east of Pleasant Wood <br /> Apartments which includes the land the EDA owns on the Corner of Eastwood and <br /> Highway 10. See attached map for redevelopment area. <br /> • Pam Sheldon and I met with Jeff Huggett and Milo Pinkerton of MSP this week to <br /> discuss the project. MSP would be applying for MHFA Funding to do a major <br /> renovation to the interior and exterior apartments and to construct new townhomes <br /> as one coordinated development. The deadline to be considered for funds from <br /> MHFA is March 13th. Therefore, it is important that MSP has documentation that <br /> all the land owners have been contacted and are interested in negotiating purchase <br /> agreements for the project. Owners of the other properties have been notified and are <br /> willing to enter into purchase agreements with MSP Real Estate. Attached is a letter <br /> from MSP describing the development and requesting that the EDA negotiate the <br /> sale of the land to MSP. <br /> The attached resolution would be sufficient for MSP to meet the MHFA application <br /> deadline and would not bind the EDA in selling the property but just states our <br /> interest in pursuing the sale for this project and authorizes staff to negotiate a <br /> purchase agreement. Representatives from MSP will be in attendance Monday <br /> evening to answer any questions regarding this initial request. <br /> A project of this magnitude will be very time consuming but will result in a <br /> development that provides a host of benefits for the community. MSP will be <br /> 40 assembling and applying for various funding sources to make the project a reality. <br />