01-28-2008 - Laserfiche WebLink

Home Browse Search

Item No. 7A Meeting Date: January 28, 2008 Type of Business: EDA Administrator Review: _____ City of Mounds View Staff Report To: Economic Development Authority From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Continued Discussion regarding Resolution 08-EDA- 239, a Resolution Authorizing the Submission of a Redevelopment Grant Application for the Acquisition and Redevelopment of 2400 County Road H2 Introduction: Previous EDA Discussions On December 3 and 10, 2007, the City Council and EDA discussed the potential of participating financially with the redevelopment of the 2.05-acre Robert’s Sports Bar parcel, located at 2400 County Road H2. This staff report will further refer to the parcel as “Robert’s”. On January 14, 2008, staff requested authorization to submit a grant application to the Minnesota Department of Employment and Economic Development (DEED) to assist with the acquisition and redevelopment of Robert’s. The EDA postponed authorization to submit the application and asked staff to simplify Resolution 08-EDA-239. The project site map and an updated version of the grant application are attached for the EDA’s reference. Background: EDA’s Investment The City Council and EDA have invested $670,000 towards acquisition, demolition, site improvements and planning activities within the Premium Stop Redevelopment Area, which is defined in the December 2006 DSU/Bonestroo study as the 12.3-acre stretch from County Road H2 to Woodale Drive along County Highway 10. The EDA and City Council’s investment thus far has demonstrated a commitment to the redevelopment of the area. This commitment equates to approximately 4.5% of the $15 million cost, as estimated by Master Development, to build only the first phase of the DSU/Bonestroo Concept C-1.