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Page 1 of 2 M EMORANDUM To: Mounds View EDA From: Brian Beeman, Business Development Coordinator Jon Sevald, City Planner/Supervisor Re: August 13, 2018 EDA meeting (Closed); Crossroad Pointe Date: August 13, 2018 At the July 9, 2018 EDA closed meeting staff informed the Council of the comparable sales research conducted internally by staff. The EDA directed staff to get an appraisal completed on the Crossroad Pointe property by two appraisal companies before making a final determination on the acceptable price range to sell the 4.25 acres to INH Properties. Lake State Realty Services will provide a presentation on their appraisal findings followed by Nagell Appraisal Inc. The Council is expected to determine a price range that staff can use to negotiate with the developers. Below is a brief summary of the history of the current Crossroad Pointe development with INH Properties. 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