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• EDC Minutes p ,ter February 18, 2005 Not Approved Page 2 1. Update on status of Corporate Office Campus/Bridges Redevelopment Project—Medtronic: This project is taking up a lot of staff time. Backman had e-mailed a project status report to the EDC members. He showed a map of the property owned by the City north of State Highway 10 (118 acres, including 72 acres associated with the Bridges Golf Course). Backman indicated what land would be sold (the 72 acres)and where the buildings would be located. He discussed legislation necessary for the project, including the elimination of the reverter clause on the eastern 40 acres of land. Two pieces of legislation,the Tax Increment Financing (TIF) District and the reverter clause legislation, were introduced by Senator Betzold and Rep. Bernardy. City staff attended and testified at three hearings in the State Senate regarding the proposed legislation. All the legislation was passed unanimously. The legislative focus will now move to the House for the expected hearings. Some amendments were added in the process (e.g. removing 12 acres on the south side of State Highway 10 from the reverter clause bill). Some meetings have been held regarding the removal of the billboard signs. Field asked if the signs could be relocated to the south side of Hwy. 10. Backman indicated that would not be possible. On the Senate side, the reverter bill was amended into the TIF bill to create one bill. This was done on the advice of Senator Betzold. On February 2nd the Comprehensive Plan amendment was approved. The Comp Plan amendment was submitted by RLK to the Met Council the next day. The Met Council is reviewing the app. Backman hopes to be done with this process in April 2005. The process is also timed with the AUAR, an environmental review process used for projects of greater than 500,000 sq.ft. On February 8th the City had a meeting with Clear Channel. There are 6 signs along the golf course. At first during the negotiations Medtronic did not want any of the billboards to remain on the site (a more expensive proposition). Now Medtronic is willing to allow signs 1 and 6 to remain. A followup meeting with Clear Channel will be held to discuss potential relocation. Also, on February 28, Patchin Messner& Dodd undertook an appraisal of the signs. Backman described the status of negotiations with Medtronic—they are progressing and the gaps are getting smaller(land purchase price, infrastructure, etc.). The goal is to have a draft of the Medtronic Development Agreement by the end of March. 2. Laport Meadows Housing Development—Coldwell Banker/Skyline Builders(Minneapolis) & Rick Boschee Homes (Roseville): Backman distributed maps and other information about this location for a potential 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. Another development group has expressed interest as well—Skyline Builders / Coldwell Bankers. They have shown to Backman several schematics of what the area could look like, including single family and higher density options. The next step for this project is getting more information, specifically getting a wetland delineation completed. Backman requested a recommendation from the EDC for undertaking the delineation during the next quarter or so. Field asked about cost to the EDA. Backman mentioned that is could be less than $3,000. Field made a motion to recommend to the EDA that a wetland delineation study of the Laport Meadows be done. Moved by Field, seconded by Helgemoe. Approved on a 4 to 0 vote. 3. 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 commercial developer interested in redeveloping this corner lot along County Road 10. Backman has been in contact with the developer's attorney. They are doing their due diligence of the site. The current owners have already signed the purchase agreement.