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Mounds View EDA July 26, 2004 <br />Regular Meeting Page 3 <br /> <br />7. REPORTS <br /> <br />Economic Development Coordinator Backman stated the closing was held on July 13th with <br />Procraft Homes, and that the well at 3016 County Raod H2 had been capped, the siding removed, <br />and that on July 27th they would demolish the building. <br /> <br />Economic Development Coordinator Backman stated there had been an inquiry by Cressa <br />Partners of Minneapolis regarding the golf course property for corporate office buildings that <br />would employ over 1,000 people. He stated they initially would build a 600,000 square foot <br />building, and eventually up to 1.5 million square feet. He stated the $100 million investment <br />would generate approximately $1.6 million per year in property taxes and would pay the city’s <br />debt on the golf course. He stated they would like to acquire the property in eight to nine months <br />and that construction would start in approximately mid 2005. <br /> <br />Economic Development Coordinator Backman asked the Authority if they wished him to pursue <br />this or drop it, and Commissioner Stigney replied to pursue it. President Linke stated he believed <br />this would be a matter for the Council, not the EDA. <br /> <br />Economic Development Coordinator Backman stated that this development would like require <br />title research information, and Commissioner Stigney stated he felt EDA funds would be an <br />appropriate funding source rather than General Funds. President Linke stated he would rather <br />have everything presented in one package at the next EDA meeting. <br /> <br />MOTION/SECOND. Marty/Stigney. To research title to the golf course property using EDA <br />funds. <br /> <br />President Linke stated he would be voting against this because he would like to have all the <br />information presented at the same time. <br /> <br />Commissioner Stigney stated he felt they would be remiss if they didn’t look into the title at this <br />time because this particular development has a potential of bringing in $1.6 million in taxes. <br />Commissioner Gunn agreed. <br /> <br /> Ayes-3 Nays-1 (Linke) Motion carried. <br /> <br />8. NEXT EDA MEETING: Monday, August 9, 2004 (Following Council Meeting) <br /> <br />9. ADJOURNMENT <br /> <br />President Linke adjourned the meeting at 6:52 p.m. <br /> <br />Respectfully submitted,