09-30-1996 WS - Laserfiche WebLink

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, . PETERSON 9640 Xylon Avenue South . BI mingcon,MN i?5438 REAL ESTATE, INC. P one(612)941182 F (612)829-4051 111/ Commercial Real Estate Services • • September 25, 1996 . G Cathy Bennett, Economic Development Coordinator City of Mounds View - 2401 Hwy. 10 Mounds View, MN Re: Mermaid Supper Club Development Concept 1 J r Dear Ms. 'Bennett: In February, 1996, at the suggestion of your financial advisor from Springstead, I met with Mr. Charlie Hall, owner of the Mermaid, regarding his dream and desire to se the corner of Highway 10 and County'Road H incorporate�a hospitalitycomponent a'on side his P� Market Mermaid Supper Club. Mr. Hall had initiated and paid for an extensive market study which supported his conclusion that a combined hospitality/entertainment complex on the Mermaid site would be a success and obviously, an important addition to, the City of Mounds View. After several months of reviewing.this process, it was su gested that possibly in my role as a development and project coordinator, I might bring ome insight ill • into the situation. , k In reviewing his progress and steps over the past several months, I am of the pinion that the redevelopment of this corner needs a much larger concept...one that woul potentially integrate retail and possibly housing with his hospitality/entertainment vi ion. If my • 9 conclusion is correct, the City of Mounds View would need to be a si nificar* and active participant in this process. To realize the full potential of a development on this important intersection, a number of steps would need to be taken which would potentially require involvement of neighboring property owners to determine options and the extent this , vision would take. i Over the course of the few exploratory meetings I have had with Mr. Hall, yoirseif, other professionals, it is my opinion that the due diligent leadership of this concept should not come exclusively from Mr. Hall or the City. While it is in the scope and rights of both to finance and/or lead this redevelopment evaluation, negative perceptions, potential compromises and public criticism could overcome any positive momentum achieved. That's why I recommend that an outside professional be empowered to !initiate this process. l I would propose that the EDA of the City of Mounds View and Mr. Hall jointly sponsor a redevelopment study and share in its results and costs. I could function as that 110 intermediary and lead the concept study if parties would agree. I would propose that the following items comprise the core of the agreement: j1