03-19-2015 - Laserfiche WebLink

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M EMORANDUM To: Economic Development Commission From: Brian Beeman, Business Development Coordinator Re: March Update Date: 3-19-15 Dear Commissioners, Crossroad Pointe Redevelopment Project Since the February 20, 2015 EDC meeting staff has been busy contacting developers to attract interest in the 4.25 acre Crossroad Pointe Redevelopment site. The group interested in building a medical facility has not been able to gain interest from medical users for the Mounds View area. As a result, staff has been marketing the site to other developers through a variety of methods including: Facebook, LinkedIn, the city website, direct email, and phone calls. If you have any direct contacts with developers or have any recommendations on other methods to attract a developer to the site, we are open to hearing your ideas. So far, there has been interest in a medical facility, mixed-use, assisted living, storage units, and a commercial daycare. Business Retention & Expansion (BR&E) Visits BR&E visits have been completed with Medtronic, FedTech, Bio-Clean, Dymax, McDonald’s, and MFI. Medtronic has about 4,100 employees and 2,200 sales associates. They meet with 400 clients each year at the Mounds View site and stated the need for more hotels in the area. They have a bank, daycare, fitness center, 1000 seating capacity cafeteria, and medical clinic as well as one of the busiest Caribou Coffee stores in the region. The company started in 1946 making medical devices such as cardiac events, pacers, cervical disks, vascular repair, etc. They do business in 160 countries and said the industry is growing and will continue to grow. They are at about 80% capacity in the current three towers stating that they won’t build the fourth tower until all eight sites are to capacity. The Mounds View location is their largest facility of eight sites. FedTech started in 1996 as a metal shop and currently does fabrication, water laser, plumbing, steel, armored plates, and they work in all industries. They have 85 full time employees and will be hiring five more this year. Most employees live within a 10 mile radius. FedTech is growing and in order to make room for their continued expansion they will not be renewing the lease for Dymax whose lease expires February 2016.