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Mounds View EDA November 23, 2015 Regular Meeting Page 2 1 Executive Director Ericson stated the EDA owns parcels at the corner of County Road H2 and 2 County Road 10 that are 4.25 acres in size. This land has been assembled over the course of 3 several years in an attempt to foster redevelopment. He discussed the highest and best uses for 4 the property and noted feedback from the public has been sought throughout the entire planning 5 process. He provided comment on a tour the Council went on to view several new 6 redevelopment sites in the metro area. 7 8 Executive Director Ericson explained that during the planning process, The Beard Group 9 submitted a plan for the site, which consisted of 119-unit market rate rental property (Phase I) on 10 the former Roberts site, with an additional phase (Phase II) of development to be determined. He 11 requested the EDA discuss this site further along with The Beard Group’s proposal and provide 12 staff with feedback and direction on how to proceed. 13 14 President Flaherty requested comment from The Beard Group representatives on their Phase I 15 and Phase II plans for the Crossroad Pointe site. 16 17 Bill Beard, The Beard Group, explained a phased approach would allow for proper construction 18 staging. In addition, this would assist with the lending process as two separate lenders would be 19 involved in the project. 20 21 Commissioner Mueller asked if there would be more interest in Phase II after Phase I was 22 complete. Mr. Beard believed this to be the case. 23 24 Commissioner Mueller requested an update on the 5 Central project in Osseo. Mr. Beard 25 reported the property was 95% full. He anticipated that by the end of January the building would 26 be 97% occupied. He reported his retention rate for this building was near 60%, which was 27 reaffirming that the site was a good fit for the community. 28 29 Vice President Gunn supported the project at Crossroad Pointe being completed in two phases. 30 She did not want to see Phase II constructed with retail that was an improper fit for Phase I. 31 32 Commissioner Mueller provided a brief history of the Crossroads Pointe site and the EDA’s 33 proposed redevelopment plans. 34 35 Commissioner Meehlhause was comfortable with the project being completed in two phases. He 36 discussed the potential for several local businesses to relocate and expand onto this site. 37 38 Commissioner Hull supported the site being developed in two phases. 39 40 President Flaherty indicated the City was 85% developed and had very little property to 41 redevelop. He was of the opinion the vision for the Crossroad Pointe property should be more 42