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2 <br />552863v2 SJR MU205-13 <br />Sections 13D.05, subdivision 3(c) and 13.44, subdivision 3, to conduct a closed EDA <br />meeting concerning real property located at addresses noted below, to determine the <br />asking price, to consider strategies and to develop or consider offers or counteroffers <br />for the sale of such real property and to review confidential appraisal information for <br />such real property. <br /> <br />2400 County Road H2 <br />Mounds View, Minnesota <br />PIN: 08.30.23.31.0005 <br /> <br />2394 Mounds View Boulevard <br />Mounds View, Minnesota <br />PIN: 08.30.23.31.0071 <br /> <br />2390 Mounds View Boulevard <br />Mounds View, Minnesota <br />PIN: 08.30.23.31.0072 <br /> <br /> The EDA continued to meet in open session regarding this agenda item as follows: <br /> <br />President Mueller commented on the 12 points the EDA has been negotiating with INH <br />and noted the two parties had worked down to only two points of contention. <br /> <br />Business Development Coordinator Beeman commented further on the two points of <br />contention and explained INH would like to have the cost for the environmental study <br />removed from the purchase price. In addition, INH would like the cost for the trail to be <br />taken out of the purchase price. <br /> <br />Jim Illies, INH, stated INH was in agreement on the purchase price. However, the costs <br />for Items A through C should allow for a maximum deduction of $250,000. He discussed <br />the proposed development noting the project would have 127 units. He explained the <br />units would be studios up to 3 bedrooms. He reported an architect has been hired to <br />assist with the building and parking plans. <br /> <br />Corey Gerads, Alliance Building Corporation, commented on the current projects he has <br />underway with INH. It was noted the Crossroad Pointe site would be completed in one <br />phase. <br /> <br />President Mueller asked if the developer supported the underground parking. Mr. Illies <br />stated he did support underground parking and noted he had completed this in other <br />developments. He explained this would be a great amenity for residents within the <br />apartment complex. <br /> <br />MOTION/SECOND: Meehlhause/Bergeron. To Close the EDA Meeting at 5:20 p.m. <br />regarding this agenda item. <br />