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Mounds View EDA July 26, 2004 <br />Regular Meeting Page 3 <br /> <br />7. REPORTS 88 <br /> 89 <br />Economic Development Coordinator Backman stated the closing was held on July 13th with 90 <br />Procraft Homes, and that the well at 3016 County Raod H2 had been capped, the siding removed, 91 <br />and that on July 27th they would demolish the building. 92 <br /> 93 <br />Economic Development Coordinator Backman stated there had been an inquiry by Cressa 94 <br />Partners of Minneapolis regarding the golf course property for corporate office buildings that 95 <br />would employ over 1,000 people. He stated they initially would build a 600,000 square foot 96 <br />building, and eventually up to 1.5 million square feet. He stated the $100 million investment 97 <br />would generate approximately $1.6 million per year in property taxes and would pay the city’s 98 <br />debt on the golf course. He stated they would like to acquire the property in eight to nine months 99 <br />and that construction would start in approximately mid 2005. 100 <br /> 101 <br />Economic Development Coordinator Backman asked the Authority if they wished him to pursue 102 <br />this or drop it, and Commissioner Stigney replied to pursue it. President Linke stated he believed 103 <br />this would be a matter for the Council, not the EDA. 104 <br /> 105 <br />Economic Development Coordinator Backman stated that this development would like require 106 <br />title research information, and Commissioner Stigney stated he felt EDA funds would be an 107 <br />appropriate funding source rather than General Funds. President Linke stated he would rather 108 <br />have everything presented in one package at the next EDA meeting. 109 <br /> 110 <br />MOTION/SECOND. Marty/Stigney. To research title to the golf course property using EDA 111 <br />funds. 112 <br /> 113 <br />President Linke stated he would be voting against this because he would like to have all the 114 <br />information presented at the same time. 115 <br /> 116 <br />Commissioner Stigney stated he felt they would be remiss if they didn’t look into the title at this 117 <br />time because this particular development has a potential of bringing in $1.6 million in taxes. 118 <br />Commissioner Gunn agreed. 119 <br /> 120 <br /> Ayes-3 Nays-1 (Linke) Motion carried. 121 <br /> 122 <br />8. NEXT EDA MEETING: Monday, August 9, 2004 (Following Council Meeting) 123 <br /> 124 <br />9. ADJOURNMENT 125 <br /> 126 <br />President Linke adjourned the meeting at 6:52 p.m. 127 <br /> 128 <br />Respectfully submitted, 129