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Draft EDC Minutes November 20, 2015 Page 4 of 8 Chair Helemoe asked the Commissioners again if there were any questions. Commissioner Stevenson said it was easy to follow along. Commissioner Dahlstrom said the policy is much cleaner now. Helgemoe reiterated the good job. Hearing no further questions Helgemoe asked for a motion to approve the policy. Motion/Second: Commissioner Shoop moved and Commissioner Stevenson seconded the approval of the Business Subsidy Policy Amendments making a recommendation to the EDA to review and approve the proposed changes. Motion Carried: 6 Ayes, 0 Nays 6. REPORTS OF STAFF Crossroad Point Redevelopment Project Business Development Coordinator, Beeman provided the Commission with an update on the Crossroad Pointe redevelopment site. Beeman contacted approximately 40 developers. Seven of those said they would be interested in submitting a proposal. Only one developer of those 7 submitted a proposal. On October 5, 2015 the City Council held a work session to review a proposal from The Beard Group for a Phase I three story apartments with 119 units and underground parking. Phase II would entail a commercial development along County Road 10 with the idea of a patio type restaurant and/or office/medical user with underground parking. Parking has been an identified concern however; The Beard Group doesn’t seem concerned stating that they will have underground parking. The Council at the time was in favor of the project and generally in favor of providing some sort of financial assistance if an application is received. At the time, the Council authorized staff to bring forward a pre-development agreement for consideration. Since that time, staff learned that The Beard Group is only interested in Phase I and doesn’t want to be obligated to complete Phase II under a defined timeline in case markets change etc. At the November 23, 2015 meeting the EDA will consider whether or not they would accept the development occurring with potentially two developers and splitting the land into two separate developments. If deciding not to allow The Beard Group to go forward, then there were two mixed-use developers who showed interest, with the remaining developers all interested in senior housing. However, none of these developers had submitted their proposal in the first round. The TCAAP site will be developing soon and this may affect the city’s window of opportunity for this site. Commissioner Freichels said in the developer tours they were shown more two-bedroom apartments rather than one-bedroom. However, the proposed Mounds View site shows more one-bedroom units. He asked why that was the case. Beeman said he noticed that in their proposal as well and was reassured from the Beard Group that they had been conducting studies and trends with millennials and came to the conclusion that the market for this area is more in the one-bedroom units.