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Mounds View EDA June 14, 2004 <br />Regular Meeting Page 3 <br /> <br />City Attorney reviews it. <br /> <br />Commissioner Marty asked if there was a time line they were working against. <br /> <br />Environmental Development Coordinator Backman stated if there were no action taken, the other <br />interested party would be able to close this week. He stated the Environmental Assessment could <br />be completed within two weeks. <br /> <br />Commissioner Gunn asked how soon the City Attorney would be able to go through this. <br /> <br />Environmental Development Coordinator Backman stated they can get a turn around pretty <br />quickly. <br /> <br /> Ayes-1 (Stigney) Nays-4 Motion failed. <br /> <br />MOTION/SECOND. Marty/Gunn. To approve Resolution 04-EDA-187, Approving <br />Environmental Assessment, obtain a tank removal cost estimate and conduct a minimum of four <br />site borings of the property known as Gas for Less at 2525 County Highway 10 in Mounds View <br />for an amount not to exceed $7,500 to be paid from the City’s TIF funds. <br /> <br /> Ayes-4 Nays-1 (Stigney) Motion carried. <br /> <br />B. Resolution 04-EDA-182 Approving a Purchase and Redevelopment <br />Agreement with Pro Craft Development for the Hidden Hollow residential <br />development project. <br /> <br />Economic Development Coordinator Backman reviewed the Resolution with the Authority and <br />indicated that staff and Procraft Development representatives and their respective legal <br />representatives have negotiated a final version of the Purchase and Redevelopment Agreement <br />for the Hidden Hollow residential development to be constructed south of County Road H2. <br /> <br />Economic Development Coordinator Backman stated that the Hidden Hollow residential <br />development project will create 17 new home lots on a new Hidden Hollow Court cul-de-sac <br />taking access from County Road H2. The value of the lots themselves will vary; however, it is <br />expected that they will be sold for in excess of $100,000 each and upon which be improved with <br />homes valued at more than $400,000. The developer has already executed the petition and <br />waiver to initiate the street project and the closing will be scheduled as soon as the title work is <br />prepared. Kennedy and Graven produced the document and will coordinate the property closing. <br /> <br />Economic Development Coordinator Backman stated he received a letter from Cherokee Bank, <br />stating they approved a loan request on behalf of Procraft Development. <br />