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Item #: 6A Meeting Date: July 15, 2016 Type of Business: EDC City of Mounds View Staff Report To: Economic Development Commission From: Brian Beeman, Business Development Coordinator Item Title/Subject: Reports of Staff A. Crossroad Pointe Redevelopment Project On January 25, 2016 the EDA approved the predevelopment agreement between The Beard Group and the City of Mounds View. The purpose of the predevelopment agreement is to allow for a period of time to complete the due diligence on the site. If it is determined that The Beard Group and City wish to move forward with the project, a formal development agreement will be completed. The Beard Group recently was awarded an $85,000 grant from Ramsey County for the Mounds View housing project. The market study came back very strong and as a result, they are doubling the size of the project from 119 units to 205 units with 251 bedrooms. The Beard Group has indicated to staff that they are seeking Tax Credits rather than a Housing TIF and this is taking time. Much of the funds for Tax Credits have dried up due to the popularity of the program. They are waiting to contact staff until they can fully understand the Tax Credit program and they are comfortable with the de tails of their design etc. There intentions have been to build all market rate apartments, however the Tax Credit program requires them to have at least 20% of the project affordable. This requirement makes the project more expensive and they are working through their financing options. If building 205 units, then approximately 41 units would be required to be affordable with the remaining 164 units to be at market rates. They are still hoping to break ground late fall 2016 or spring of 2017. B. Business Retention & Expansion (BR&E) Visits Nearly all businesses in Mounds View have been visited. The few remaining businesses have not returned phone calls or emails. Some have said they wish not to participate. The Business Development Coordinator will continue to attempt to schedule more visits. Snap Market: Mr. Ankur Chopra of Keshav Enterprises, Inc. will be moving into the old Snap Market space. His intent is to open an off sale liquor store. Their Liquor license was approved May 23, 2016. Bio Clean: They are still looking to build a new building to assemble their franchise trucks equipped with power washers. They tried negotiating a deal with the Skyline Motel and the owners of the Motel wouldn’t negotiate enough on the price to make the