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Cathy Bennett City of Mounds View Page 3 111 MOUNDS VIEW BUSINESS PARK SOUTH - EXPANSION PROPOSAL Everest currently owns approximately 3.9 acres of property and a single-family reg„ _ on the south side of Highway 10, north of Woodale Drive. Adjacent to the ,er -owned parcels are three (3) single-family residential properties at 2280, 2288, and " ..ighway 10. Enclosed is a map which depicts these properties. Acquisition of the thr- asp' .,;ent residential properties, together with the Everest-owned parcels, would permit .,m' ;ge of an overall redevelopment site of approximately 5.9 acres of land area. We belie' His .e would be suitable and appropriate for the development of "Building K", an rice ?ustrial building of approximately 65,000-80,000 square feet, as an expansion of Mounr1 Business Park South. Such a Building K would complete the pie.•, ' ,•,t of Moi View :Hess Park at the fourth and final corner of the Highway 10/Woodale Drive intersection ver the past several years, Everest has suggested on a number of occasions teed for s; , City to take affirmative steps to acquire these properties to continue with busine .k (ley( pment. To date, these suggestions have not been pursued. We propose that the EDA acquire, for reconveyance t r erest, the three residential properties at \ 2280, 2288, and 2300 Highway 10, utilizing a portio.:. _ the excess TIF funds that have been and �( continue to be generated by Mounds View Business Park. If the EDA assists in acquiring this site, Everest will commit to develop it. We are aware that the City and the EDA have plans to • ize some of its a cess TIF funds to encourage and facilitate other Highway 10 redevelopment • , projects. In our view, the opportunity to develop another high quality office/industrial facility of substantial size, adding to the critical mass of the business park, should qualify for high prioritization among the potential Highway 10 projects. The more employment base created in (\!, Mounds View Business Park, the greater demand should be for goods and services within the community, enhancing the feasibility of other development and redevelopment projects along the fi Highway 10 corridor. BUSINESS RETENTION GRANT PROGRAM We believe it is important to the long-term success and vitality of Mounds View Business Park that the City/EDA develop an aggressive business retention program to maximize the opportunities to keep business park tenants in Mounds View and/or to attract quality new tenants to replace those that may leave for perceived "greener pastures". Whether we like it or not, the business of economic development is competitive between and among communities. There are several north suburban communities with a variety of incentive programs designed to lure companies, including Mounds View Business Park companies, to relocate to their communities. Free land, forgivable loans, fast-track approvals, and use of eminent domain to acquire development sites, are among the tools and incentives being used by a number of communities to aggressively attract industry. Not surprisingly, many of the best and most desirable companies actively search for and solicit available economic development incentives as they consider relocation versus renewal of an existing lease. 1111