03-27-1997 - Laserfiche WebLink

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0 Staff Memo To: Economic Development Commission Members From: Cathy Bennett, Director of Economic Development Date: March 24, 1997 Subject: Consideration of the Economic Impact of the proposal for a (5.A.) 16-Screen Movie Theater and 3 Office Buildings on Highway 10 at H2 and Long Lake Road. Anthony Properties have submitted an application to the Planning Commission for a comprehensive plan amendment and rezoning for the O'Neil Property which is located directly across from City Hall and bounded by Highway 10, Long Lake Road and County Road H2. The proposal includes at 16-screen movie theater and three 11,000 sq.ft. office buildings. This property is the largest plot of vacant land on • Highway 10 and will have a significant impact on the entire Highway 10 Corridor's future development and redevelopment. Pam Sheldon, Community Development Director, has prepared and attached a lengthy staff report which explains the details of the proposal. The Economic Development Commission's responsibility is to evaluate the proposal and provide comments regarding its economic impact and significance for the City of Mounds View. Specifically, you should evaluate its impact on the tax base, jobs, effect on other surrounding businesses, marketability, long term economic future and if this use fits into the overall vision for development of Highway 10. For your review, I have included a copy of the vision statement for Highway 10 that was developed by the EDC and approved by the EDA in 1995. In addition, I have highlighted portions of the Planning Commission staff report that addresses Highway 10 Corridor Plan, Marketability and Economic Impacts of the project. Wendell Smith, local broker for the project, will be in attendance at the meeting to answer questions. I have prepared a draft resolution for your consideration. The resolution points out some of the economic impacts of the project but can be revised dependant upon the EDC's positive or negative recommendation. 0