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<br /> <br />Item No. 4 <br /> Meeting Date: May 5, 2003 <br />Type of Business: WK <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business Mounds View City Council Staff Report <br />To: Mounds View City Council <br />From: Aaron Backman, Economic Development Coordinator <br />Item Title/Subject: County Road H2 Residential Development <br />Date of Report: May 1, 2003 <br /> <br />SUMMARY <br /> <br />During 2001 City staff promoted a residential buildout project in the southwest corner of the <br />City of Mounds View. Correspondence was sent to all property owners in an area bounded by <br />County Road H2, Pleasant View Dr., Knollwood Dr., and Woodale Drive. Residents were <br />invited to a meeting to discuss potential housing development in the area (eg. condos, <br />attached townhomes, single family units) and were asked if they were interested in <br />subdividing their property for inclusion in the project. The majority indicated that they wanted <br />no development to occur and were not interested in subdividing the large lots. A smaller <br />number were open to development if it was limited to single family homes. <br /> Currently the City of Mounds View owns or controls approximately 6.5 acres in the north <br />central portion of the block. During February, one of the property owners, Blaine Fyksen, has <br />expressed a willingness to sell his property to the City. Mr. Fyksen owns three parcels <br />(totaling 4.6 acres) that border the City’s property to the west (See attached map). He does <br />not want to see high-density residential development in the area, but would be willing to sell if <br />the property would be developed for high-end homes (approx. $450-500,000 each). <br /> At the March 24th EDA meeting the members considered three financing options that could be <br />considered for developing the Fyksen property: 1) Use Tax Increment Financing (TIF) to <br />acquire the Fyksen parcels. 2) Use Special Projects/HRA funds to acquire the Fyksen <br />parcels. 3) Find a private developer that would acquire both the City’s and Fyksen property. <br />The preference of the EDA was to pursue option number three. Since the March EDA <br />meeting Backman has approached five developers regarding the potential residential buildout <br />project in Mounds View. They are Nedegaard Custom Homes (Columbia Hts.), Pro Craft <br />Homes (Vadnais Hts.), Dave Regel Construction (Spring Lake Park), Homes by James (Lino <br />Lakes), Heritage Development (St. Paul). All have experience in building executive homes <br />and have expressed an interest in submitting concept plans to the City. <br /> Respectfully submitted, <br /> <br /> <br /> <br />____________________________ <br />Aaron Backman <br />Economic Development Coordinator <br />