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EDC Minutes January 21, 2005 Not Approved Page 2 • B. Report of Staff: 1. Update on Medtronic Corporate Campus / Bridges Redevelopment Project—CRESA Partners: A lot of activity has occurred during the past six weeks. Over two dozen meetings related to the project were held, including 4 transportation stakeholder meetings, 5 project update meetings at Medtronic's headquarters, and various committee meetings. Some of the notable meetings: At the December 13, 2004 Transportation stakeholders mtg., Medtronic indicated that it hired SRF to do its own traffic study. (The City,through the AUAR process, also completed a traffic impact study.) SRF is analyzing projected traffic patterns, including a zip code analysis of Medtronic employee home addresses. As part of the AUAR process, the draft AUAR was published on November 17th and comments were due from 25 reviewing agencies or governmental bodies on December 22nd. The City received comments from 10 entities, including the DNR, MnDOT, MPCA, Met Council, MAC, RCWD, Blaine, Shoreview, Anoka and Ramsey Counties. Most comments were positive. Backman e- mailed two letters to EDC members. The first letter from Medtronic indicated the company's strong interest in purchasing the Bridges golf course in its entirety and a preliminary term sheet that describes the goals and objectives for the redevelopment. The second letter from the City indicated that the Council had reviewed the Preliminary Term Sheet at its January 3, 2005 Executive Session, and had "directed city staff to continue to proceed with further negotiations with Medtronic and to pursue a course of action consistent with potentially selling the Bridges for redevelopment." The term sheet does not bind the City to the project, unlike a signed Development Agreement. On January 10, 2005, the EDA and City Council 4110 approved additional services to undertake a comprehensive plan amendment. The$20,000 cost is in additional to the $60,000 cost for the AUAR. Johnson asked if the same company would do this. Backman indicated yes. Ericson noted that given RLK's analysis of the site and development project as part of the AUAR, they had the expertise to complete the application to the Metropolitan Council (which is extensive). Johnson asked if this would be paid with EDA/TIF funds. Backman replied yes. Backman distributed to the members the draft of Medtronic Traffic Study(1/14/05) and reviewed some of the key findings (e.g. number of vehicle trips per day by phase, likely direction of traffic, and cost estimates for specific road components). The key issue at this point is the funding source(s)for the road improvements. The consensus among the transportation stakeholders is that because it is a regional benefit, the state should consider funding this, preferably with general obligation bonds. 2. Metro North CVB Annual Meeting—January 19, 2005: Backman is the City's representative on the Board of Directors and this past year served as the President of the Board. He spent a lot of time on CVB business, especially in the first quarter when he was involved in the search process for a new Executive Director. In the second quarter Bob Musil was hired as the new Executive for the CVB. At the Annual Meeting Backman presented a yearend summary, discussing staffing, membership, marketing and financial management. 3. 2005 Public Finance Seminar (Ehlers)—February 3 & 4: Jim Ericson and Charlie Hansen are signed up and Backman is likely to attend the Ehlers Seminar. It is an annual event that provides cities with the latest information about TIF and other financial tools used for development. • 4. Caribou Coffee/Hardee's Restaurant Redevelopment—Paster Enterprises: On December 16, 2004, Ericson and Backman met with representatives of Paster Enterprises to discuss reuse of the Hardee's restaurant site. The 4,000 sq. ft. building next to Moundsview Square has been closed for some time. We discussed potential financial assistance that could assist in redeveloping the site (total costs could approach $400.000). Backman distributed