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<br />Item No. 6 <br />Meeting Date: December 3, 2007 <br />Type of Business: WS <br />WS: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br />Administrator Review: _____ <br /> City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Robert’s Sports Bar Update & Request for <br />Feedback <br /> <br />Introduction: <br /> <br />The purpose of this report is two-fold: 1) to provide an update on Master <br />Development’s most recent efforts to acquire the former Robert’s Sports Bar <br />parcel, located at 2400 County Road H2 and 2) to request feedback regarding <br />the City Council’s (EDA’s) level of interest in assisting with the acquisition and <br />redevelopment of the property. <br /> <br />Background: <br /> <br />On November 13, 2007, the EDA authorized Resolution No. 07-EDA-237 <br />Approving the Preliminary Development Agreement of the Premium Stop <br />Property with Master Development. During the November 13th meeting, Michael <br />Tobin, Senior Development Manager for Master Development, indicated that it is <br />preferred but not necessary to include the former Robert’s parcel within the <br />Premium Stop redevelopment area. <br /> <br />Discussion: <br /> <br />The bank now owns the former Robert’s parcel (as of November 27th). Master <br />Development and another unknown party are interested in acquiring the property. <br />Since the bank is hoping to sell the property as soon as possible, Master <br />Development immediately presented the bank with an offer, which was denied. <br />The bank is willing to accept earnest funding in exchange for a 180-day due <br />diligence period, however preliminary discussions indicate that gap financing in <br />the amount of approximately $125,000 will be needed to acquire the property for <br />redevelopment. <br /> <br /> <br />