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Page 1 of 2 M EMORANDUM To: Mounds View EDA From: Jon Sevald, City Planner/Supervisor Brian Beeman, Business Development Coordinator Re: July 9, 2018 EDA meeting (Closed); Crossroad Pointe Date: July 9, 2018 This memo is intended to create a starting point for the EDA’s discussion of setting a selling price range for Crossroad Pointe. Talking Points: 1. The EDA purchased the three properties for about $1.6 million, and spent about $150,000 on demolition and legal fees (total: $1,808,542.81). 2. The Ramsey County current (2018) assessed property value is: $ 535,800 2.05 acres 2400 Mounds View Blvd PID: 08-30-23-31-0005 $ 149,300 0.48 acres 2394 Mounds View Blvd PID: 08-30-23-31-0071 $ 390,300 1.28 acres 2390 Mounds View Blvd PID: 08-30-23-31-0072 $1,075,400 3.81 acres 3. During the August 21, 2017 City Council Work Session, the Council considered proposals from: (1) Dominium, (2) Global/Kraus-Anderson; and (3) INH Properties/Heartland Gun Club & Range. The Council’s consensus was INH Properties/Heartland Gun Club & Range (1-1-3 vote). 4. The EDA entered into a Preliminary Development Agreement with INH Property Management (Resolution 18-EDA-303). The project is to include: (1) 124-unit apartment building; (2) 15,000 – 20,000 sq ft Heartland Gun Club & Range; and (3) 3,000 – 5,000 sq ft retail. The project is to be completed by Dec 31, 2020. This Agreement calls for the EDA and INH to negotiate a Development Agreement, prior to its expiration (Jan 8, 2019), and for both parties to complete due diligence. 5. The City Council considered an Ordinance Amendment (Ordinance 939) on Feb 26, 2018, which would (1) update language to be consistent with MN Statutes; and (2) allow an indoor shooting range within City Limits. The second part of the amendment was not approved, hence, the Heartland proposal was removed from the project.