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<br />Item No. 7A <br />Meeting Date: January 14, 2008 <br />Type of Business: EDA <br />Administrator Review: _____ <br /> City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Consider Resolution 08-EDA-239 Approving a <br />Redevelopment Grant Application and Expenditure of <br />Tax Increment Funds for Costs Associated with the <br />Acquisition and Redevelopment of 2400 County Road <br />H2 <br /> <br /> <br />Introduction: <br /> <br />On December 3 and 10, 2007, the City Council and EDA discussed the potential of <br />participating financially with the redevelopment of the 2.05-acre Robert’s Sports Bar <br />parcel, located at 2400 County Road H2. On December 10th, the EDA authorized a <br />public hearing to be scheduled for today’s date, January 14, 2008, to consider a <br />business subsidy towards the redevelopment of Robert’s. Per State Statute, the pubic <br />hearing notice was published in the January 2, 2008 New Brighton-Mounds View <br />Bulletin, however a public hearing is no longer needed at this time due to staff’s request <br />to submit a grant application to the Minnesota Department of Employment and <br />Economic Development (DEED). A public hearing may be needed in the future if grant <br />funds are received. <br /> <br />Background: <br /> <br />The City Council and EDA have already invested $670,000 towards the redevelopment <br />of the Premium Stop Redevelopment Area, which includes 2400 County Road H2 <br />(Robert’s), 2390 Hwy 10 (former Premium Stop) and 2394 Hwy 10 (Taiko Japanese <br />Restaurant). This investment included the following costs: appraisal of the former <br />Premium Stop property, site acquisition, demolition, environmental abatement and the <br />DSU/Bonestroo prepared planning study for the area. The EDA and City Council’s <br />investment thus far has clearly demonstrated a commitment to the Premium Stop <br />Redevelopment Area project. <br /> <br />In addition, the EDA has indicated an interest in maximizing the project footprint; <br />therefore staff is suggesting the DEED application for assistance with the acquisition <br />and redevelopment of 2400 County Road H2. Staff is also requesting that feedback be