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EDC Minutes January 21, 2005 Not �r Aper©vee Page 3 • correspondence with Paster about the building. Among the milestones/issues: As of December 26th Hardee's is officially out of picture, Caribou Coffee has executed a lease with Paster Enterprises, and Paster indicates that it has a financing gap of$125,000 and wants a three year payback on its proposed investment instead of six years. Commissioners discussed the project. Field indicated that if we provide assistance he would like to see something done with the ill kept water retention ponds. Ericson agrees that we should look into improving the ponds, however, if the footprint of the building does not change, the owners may not be compelled to improve the ponds. Motion made by Chairperson Johnson, and seconded by Entsminger, that the EDC recommends the City pursue additional discussions with Paster and that we explore various financial assistance options, such as TIF. Motion passed 4 to 0. 5. Laport Meadows Housing Development—Rob Carlson Builders (Blaine) & Rick Boschee Homes (Roseville): Backman distributed maps and other information about this potential location for a residential development. The Laport Meadows area has a mixed ownership pattern with private landowners and the City owning or controlling some parcels. Also there are issues of wetlands and the need for a noise barrier along State Hwy. 10. Backman believes there is an opportunity for such a development and has been in discussions with two developers—Rob Carlson Builders and Rick Boschee Homes. They have shown to Backman several schematics of what the area could look like, including single family and higher density options. Members discussed the usefulness of Ardan Park and the compost site located in it. The consensus of the commissioners was to continue to work with developers regarding a potential residential project. • 6. Potential Sale & Redevelopment of Gas for Less Site (2525 Co. Hwy 10): In April and May of 2004 the City undertook an appraisal of this site and actively considered buying the Gas for Less site for redevelopment purposes. The City Council decided not to acquire the property and subsequently it was sold to another party that continued to operate the gas station. Now, eight months later, the gas station is back on the market. The good news is that there appears to be a developer interested in redeveloping this corner lot along County Road 10. 6. EDC BUSINESS A. Discussion of the Results of the EDC Survey regarding Economic Development Priorities for 2005 (Current and potential projects; Other Activities): Backman sent to the EDC members a tabulation of the E.D. survey results of priorities for 2005. Six out of the seven commissioners responded. Fourteen projects were tallied. The Medtronic project was ranked the#1 priority of the City of Mounds View by all of the commissioners. The acquisition and redevelopment of the Skyline Motel was the #2 priority, followed by the Pak Building Redevelopment and the former Hardee's Restaurant (which now is going to be renovated for Caribou Coffee). With limited time in the meeting it was decided to discuss the list at the next EDC meeting. B. Other: None. 7. ADJOURNMENT There being no further business before the Commission, Johnson adjourned the January 21St meeting of . the Economic Development Commission at 9:01 a.m.