Laserfiche WebLink
Item No 5 <br />Meeting Date: April 2nd, 2001 <br />Type of Business: Work Session <br /> <br /> <br /> <br /> <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: Mermaid Hotel and Banquet Center Development <br />Date of Report: March 27, 2001 <br /> <br />Background <br /> <br />As Council is aware, plans are being finalized for a 70-room hotel and 500 person banquet <br />center on the Mermaid property. To finalize their development approvals, it is necessary to <br />obtain administrative approval on their planned unit development application, and to <br />finalize their plat. To finalize both of the aforementioned items, it is necessary to obtain a <br />small portion of property from Mounds View Business Park South currently owned by <br />Cabot Industrial Trust of Boston. The property in question involves a dry holding pond and <br />the southern access to the business park. Based on the plans submitted, this property will <br />be incorporated into the new development, and the business park’s access will be <br />relocated to the west adjacent to the Pettibone property. A map will be made available at <br />the meeting. <br /> <br />At this point, Cabot has agreed to sell the property to the Mermaid for approximately <br />$40,000. However, given Cabot’s large size and the amount of property involved, they <br />have been slow to finalize the transaction. Accordingly, it has been requested that the City <br />consider acquiring the property through eminent domain to facilitate construction in May. <br />While it is hoped and anticipated that the transaction can proceed independently of any city <br />action, it would be prudent at this point to ensure that there are no further delays. Building <br />plans have been submitted and are currently being reviewed. Additionally, a Development <br />Assistance Agreement for TIF assistance should be finalized for consideration in the near <br />future. <br /> <br />Necessary Actions <br /> <br />Direct staff regarding the acquisition of real property through eminent domain to <br />facilitate the Mermaid redevelopment. <br /> <br /> ______________________________________ <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029