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Item No. 7A <br />Meeting Date: May 12, 2008 <br />Type of Business: EDA <br />Administrator Review: _____ <br /> City of Mounds View Staff Report <br />To: Mounds View Economic Development Authority <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Discuss Marketing Preferences for EDA-Owned Property <br />Located at 2390 County Road 10 <br /> <br />Background <br /> <br />In mid-to-late 2006, the EDA invested $666,000 in the former Premium Stop property <br />located at 2390 County Road 10. It was reiterated at the City Council’s Work Session <br />on April 7, 2008 that this investment was the EDA’s first step towards becoming actively <br />involved in the redevelopment of the County Road 10 corridor. <br /> <br />A breakdown of the EDA’s investment towards the former Premium Stop property is <br />listed below: <br /> <br /> $2,000 appraisal <br /> $625,000 acquisition <br /> $25,000 building demolition, site clearance/environmental abatement <br /> $14,000 DSU/Bonestoo prepared planning study and market research <br /> <br />In an effort to initiate a project on the property, the EDA entered into a six-month <br />Preliminary Development Agreement with Master Development on November 13, 2007. <br />The agreement gave Master Development exclusive marketing and negotiating rights <br />for the property. <br /> <br />Discussion <br /> <br />As detailed in tonight’s agenda Item 8A, the agreement with Master Development will <br />expire on May 14, 2008, therefore staff is seeking direction from the EDA regarding the <br />way the EDA would like staff to market the property. Staff is requesting direction <br />regarding the following questions: <br /> <br />1. How aggressively should staff market the property? <br /> <br />Current Marketing: Developer Meetings and Web Promotion <br /> <br />Currently, the property is being promoted through staff meetings with developers and <br />other redevelopment professionals, through the City’s Website, and through a new <br />regional Economic Development Website located at www.MetroMSP.org.