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07-08-1996 WS
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07-08-1996 WS
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MV City Council
City Council Document Type
City Council Packets
Date
7/8/1996
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A <br /> EVEREST DEVELOPMENT LTD <br /> �„if V18FR!)1If'% `I KV.1r,;(>_; !_ri) <br /> March 29, 1996 <br /> Cathy Bennett, Economic Development Coordinator <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: MOUNDS VTFW BUSINESS PARK <br /> Dear Cathy and EDA Members: <br /> I am writing on behalf of Everest Development, LTD., developer of Mounds View Business Park, <br /> and at the request of City officials, to indicate our desire and offer a Proposal to expand and <br /> complete the business park and to establish a business retention program to encourage existing <br /> companies within the business park to remain and expand in Mounds View. <br /> We offer the proposal set forth below, in the hope and expectation that • <br /> share with Everest the mutual goals of completing the businesspark and keepinga tdto <br /> realize the benefits of increased tax base and employment, strong, <br /> er contributions to the City's <br /> excess TIF funds, and the secondary economic benefits such as increased consumer spending for <br /> goods and services within Mounds View. <br /> Before outlining our proposals, some historical perspective on the development of Mounds View <br /> Business Park may be in order. In 1988, Everest entered into a development agreement with the <br /> City, in which the City agreed to provide tax increment financing assistance in exchange for <br /> Everest's commitment to construct at least 613,000 square feet of development within a three <br /> year period, with a guaranteed minimum assessed value of at least $19,500,000. We believe this <br /> was a commitment no other developer in the Twin Cities would have undertaken at the time. <br /> Construction of the first phase of Mounds View Business Park started in early 1988, and within <br /> approximately 24 months, Everest completed development of over 650,000 square feet of <br /> office/industrial space with tax values exceeding the guaranteed minimums. <br /> With the exception of a build-to-suit sale to Multi-Tech Systems, all of the space in the first phase <br /> of Mounds View Business Park was leased space which attracted such quality tenants as Baker's <br /> Square, Onan, Pharmacia Deltec, Owens & Minor, Firstar Data Processing, and Liberty Check <br /> Printers. <br /> • <br /> 2665 Long Lake Road <br /> Suite 330 • Roseville,MN 55113 <br /> X17;hlF-SSM `Fiji <br />
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