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<br /> <br />Established Partnership with Master Development <br />It is important that the EDA-owned, former Premium Stop parcel be added back to the <br />tax rolls and the November 2007 Preliminary Development Agreement with Master <br />Development was the EDA’s first step in making this possible. The Agreement offered <br />Master Development exclusive negotiating rights to assemble a project to be located on <br />the former Premium Stop parcel and also encouraged the developer to maximize the <br />project footprint to include Robert’s and the Taiko Japanese Restaurant. <br /> <br />At this time, Master Development is unable to commit to the EDA’s asking price of <br />$625,000 for the former Premium Stop parcel. Ramsey County’s current market value <br />of the parcel is $8.00 per square foot or $446,056. The EDA’s $625,000 asking price <br />equates to $11.21 per square foot, which Master feels does not reflect the value of the <br />property. In addition, Master is unsure at this time if the DEED funds would completely <br />erase the estimated gap to finance the project. <br /> <br />Mike Tobin of Master Development plans to attend tonight’s meeting to answer any <br />questions the EDA might have. <br /> <br />Adjacent Homeowner Support <br />Letters of support from homeowners located immediately adjacent to Robert’s were <br />included in the EDA’s January 14th meeting packet as exhibits to the draft grant <br />application. Both homeowners have expressed interest in attending tonight’s EDA <br />meeting to show additional support for the redevelopment of Robert’s. <br /> <br />Additional Market Interest <br />Staff has received preliminary interest from a workforce housing developer who would <br />like to construct workforce housing on the Robert’s parcel. Another commercial builder <br />inquired of the Premium Stop Redevelopment Area as a whole and stated that his <br />company would not be interested unless the Robert’s parcel was included. Perhaps <br />additional market interest would be generated if DEED grant funds are secured. <br /> <br />Discussion: <br /> <br />DEED Grant Details <br />The DEED Redevelopment Grant Program was established by the 1998 Minnesota <br />State Legislature to assist with complex and costly redevelopment projects that might <br />not occur without public financial assistance. Pursuant to Minnesota Statutes <br />116J.561 - 116J.565, DEED has the authority to award grants to assist development <br />authorities with eligible redevelopment costs. More details regarding the program are <br />attached for your reference. <br /> <br />Since the Premium Stop Redevelopment Area project is eligible to receive a <br />Redevelopment Grant, staff presented a draft application to the EDA on January 14th.