Laserfiche WebLink
Mounds View EDA June 14, 2004 <br />Regular Meeting Page 3 <br /> <br />City Attorney reviews it. 88 <br /> 89 <br />Commissioner Marty asked if there was a time line they were working against. 90 <br /> 91 <br />Environmental Development Coordinator Backman stated if there were no action taken, the other 92 <br />interested party would be able to close this week. He stated the Environmental Assessment could 93 <br />be completed within two weeks. 94 <br /> 95 <br />Commissioner Gunn asked how soon the City Attorney would be able to go through this. 96 <br /> 97 <br />Environmental Development Coordinator Backman stated they can get a turn around pretty 98 <br />quickly. 99 <br /> 100 <br /> Ayes-1 (Stigney) Nays-4 Motion failed. 101 <br /> 102 <br />MOTION/SECOND. Marty/Gunn. To approve Resolution 04-EDA-187, Approving 103 <br />Environmental Assessment, obtain a tank removal cost estimate and conduct a minimum of four 104 <br />site borings of the property known as Gas for Less at 2525 County Highway 10 in Mounds View 105 <br />for an amount not to exceed $7,500 to be paid from the City’s TIF funds. 106 <br /> 107 <br /> Ayes-4 Nays-1 (Stigney) Motion carried. 108 <br /> 109 <br />B. Resolution 04-EDA-182 Approving a Purchase and Redevelopment 110 <br />Agreement with Pro Craft Development for the Hidden Hollow residential 111 <br />development project. 112 <br /> 113 <br />Economic Development Coordinator Backman reviewed the Resolution with the Authority and 114 <br />indicated that staff and Procraft Development representatives and their respective legal 115 <br />representatives have negotiated a final version of the Purchase and Redevelopment Agreement 116 <br />for the Hidden Hollow residential development to be constructed south of County Road H2. 117 <br /> 118 <br />Economic Development Coordinator Backman stated that the Hidden Hollow residential 119 <br />development project will create 17 new home lots on a new Hidden Hollow Court cul-de-sac 120 <br />taking access from County Road H2. The value of the lots themselves will vary; however, it is 121 <br />expected that they will be sold for in excess of $100,000 each and upon which be improved with 122 <br />homes valued at more than $400,000. The developer has already executed the petition and 123 <br />waiver to initiate the street project and the closing will be scheduled as soon as the title work is 124 <br />prepared. Kennedy and Graven produced the document and will coordinate the property closing. 125 <br /> 126 <br />Economic Development Coordinator Backman stated he received a letter from Cherokee Bank, 127 <br />stating they approved a loan request on behalf of Procraft Development. 128 <br /> 129