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Item NO.5D Meeting Date: February 24', 2000 Type of Business: IN EB: EDCBusiness IN: I fomiationalItem City of Mounds View Staff Report To: Economic Development Commission From: Aaron Parrish, Economic Development Coordinator Item Title/Subject: Mermaid Hotel and Banquet Center Project Update Date of Report: February 16, 2000 Background: On Monday February 7a', 2000, an informational meeting was held with representatives of the Mermaid. Those in attendance on behalf of the Mermaid included: Charlie and Dan Hall of the Mermaid; Richard Ward, John G. Kinnard & Co. (Project Financing); Bob Brown, Shenehon Company (TIF Consulting and Appraisal); Truman Howell, Architect; Joseph Samuel, RLK Kuisisto (Site Planning); and Robert Hajek, Legal Counsel for the Mermaid. The primary purpose of the meeting was to provide information, and coordinate the efforts of the various parties involved. From a financial perspective, John G. Kinnard has indicated a willingness to finance the project. Of course, the financing will be solidified when project expenses are more accurately developed. At this point, the architect is in the process of delineating project costs, developing a construction pro -forma, and completing the architectural work. Upon the completion of the aforementioned tasks, the Mermaid's consultants and the City will further discuss the use of tax increment. We are currently proceeding on the assumption that the Mermaid TIF request will be a pay-as-you-go arrangement. While the project has progressed exponentially in the last few months, there are still significant issues to be addressed. First, the site is short approximately 210 parking spaces. However, the Mermaid is currently in the process of working with adjacent land -owners to address this issue. Second, options for storm water management are still being explored. On February 8a', 2000 the City met with representatives from Mounds View Public Schools (MVPS) and Metropolitan Council Environmental Services (MCES) to discuss one potential option. This option would essentially place a storm water pond on property currently owned by MVPS and MCES. We will provide you with updated information as it becomes available from the various consultants. It is expected that this development will be addressed formally by the EDC in the proceeding months, especially as it pertains to the anticipated TIF request. Necessary Actions: None Aaron Parrish, Economic Development Coordinator (612)717-4029 N:\DATA\GROUPS\ECONDEV\EDC\Staff Reports\Staff00\02-4.doc