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Item No. 5-C Meeting Date: January 20', 2000 Type of Business: IN EB: EDC Business IN: Informational7(em of Mounds View Staff To: Economic Development Commission From: Aaron Parrish, Economic Development Coordinator Item Title/Subject: Project Updates Date of Report: January 10, 2000 TOLD Development Land Exchange: At various times in the past year the City Council has discussed the status of the city -owned 1.5 -acre remnant parcel created by the realignment of Edgewood Drive and the adjacent vacant 9.4 -acre Midland Videen property (See Attached Map). Currently, TOLD Development Co. has expressed an interest in acquiring both properties so that they could construct a Walgreens store and an additional building that could be occupied by a restaurant or a clinic. The developer has proposed trading approximately 7.4 acres of the Videen property for the 1.5 -acre city -owned property. TOLD would relocate the storm water pond on the city -owned remnant parcel at their cost. TOLD has also indicated a willingness to contribute towards the cost of recreational improvements which could be constructed on the 7.4 acres. Over the past few months, the City Council has referred this matter to the Park and Recreation Commission and the Planning Commission for input. The Park and Recreation Commission considered this matter on October 27, 1999, and generally supported the proposed land swap. The Planning Commission on December 1, 1999 passed a resolution also generally supporting the proposed land swap. At this point, the project is conceptual in nature and will be proceeding through the normal Planned Unit Development (PUD) process. It is expected that the PUD will address a number of issues including site, design, recreational, wetland, and procedural concerns. In addition, certain zoning related approvals may also be necessary. Mermaid Project Update: The Mermaid Hotel and Banquet Center is still under consideration. At this point, there are still significant issues to be addressed including property acquisition, storm water treatment, and financing. It is anticipated that the City and the Halls will address the aforementioned issues in the near future. In addition, the Rent -All site has been acquired and a study examining options to mitigate storm water run off has also been completed. Liberty Check Printers: Liberty Check Printers is in the process of consolidating its Twin Cities operations into one corporate headquarters. Asa result of their planned consolidation, the potential exists that Liberty will vacate their facility in the Mounds View Business Park. However, they have asked that the City of Mounds View identify any viable sites for their headquarters within the community. Unfortunately, the site requirements necessitate a minimum of 6.5 acres, and as much as 8 acres. Based on this \ N:\DATA\GROUPS\ECONDEV\EDC\StaffReports\Statill0\I-3.doc