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Item No: 3 <br />Meeting Date: October 5, 2015 <br />Type of Business: Work Session <br />Administrator Review: __________ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: Review Crossroad Pointe Proposal <br /> <br /> <br /> <br />Introduction: <br /> <br />Crossroad Pointe is a 4.25 acre city owned redevelopment site. At the July work session, <br />the Council met with the Planning Commission, and Economic Development Commission <br />discussing observations and general feedback from the developer’s site tour held June 29, <br />2015. The Council concluded that since the city actively has developers who are interested <br />in the Crossroad Pointe site, staff should gather the developer proposals and bring them <br />forward for Council review. <br /> <br />Discussion <br /> <br />On April 24, 2014 Stantec, an engineering consulting firm hired by the city, completed a <br />study of the Crossroad Pointe site which included concept development plans, <br />demographics, market trends, and resident responses from an open house. That report is <br />attached. The concept development plans show a mixed-use development. However, when <br />visiting with developers on the July 2015 developer tour, it was evident that in the current <br />market, mixed-use facilities are struggling. <br /> <br />Since the July work session staff has corresponded with over 40 developers, with <br />approximately seven that have shown serious interest in the site. The site offers 4.25 acres <br />of vacant land located near the intersection of County Road H2 and County Road 10. Staff <br />has received one proposal from The Beard Group detailing a three story market rate <br />apartment building with underground parking and green space. Phase II of the proposal <br />shows a commercial building along County Road 10. The proposal is attached. <br /> <br />Should the Council decide to move forward in the development of Crossroad Pointe, a pre- <br />development agreement with the developer of interest, may be appropriate. A <br />predevelopment agreement outlines the basic terms and conditions of a contract for private <br />redevelopment to be entered into by the redeveloper and seller. The pre-development <br />agreement would not be deemed conclusive or binding upon either party except the section <br />regarding due diligence or Exclusive Period, and fees. It would define the parties, specify <br />the property to be developed, outline the conditions, purchase price, due diligence, closing <br />date, covenants, debt, fees, miscellaneous items, and termination.