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<br />Item No: 6B <br />Meeting Date: August 27, 2018 <br />Type of Business: EDA Business <br /> <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: General Discussion/Issues on Crossroad Pointe <br /> <br />Background: <br />Before negotiating with INH Properties on the land price and cooperating with the City Attorney to <br />draft a development agreement for the Crossroad Pointe site the EDA will need to consider which <br />option the developer should peruse in order to move forward. <br /> <br />The City is cooperating with INH Properties to develop 4.25 acres at Crossroad Pointe. INH <br />Properties is proposing two options for development at the site. Option 1 is all apartments totaling <br />approximately 135 units. Option 2 is approximately 63 units of market rate apartments and a Kwik <br />Trip. <br /> <br />Discussion: <br /> <br />A brief historical summary concerning INH Properties at Crossroad Pointe is provided below. <br /> <br /> Information on each option was presented by INH Properties and Kwik Trip at the June 4, <br />2018 City Council Work Session. <br /> The Council directed staff and the developer to conduct a neighborhood meeting prior to the <br />Council consenting to Option 1 or Option 2. <br /> A neighborhood meeting was conducted June 27, 2018. <br /> The City Council considered the options at its July 2, 2018 Work Session and decided that <br />further discussion of the land sale price would need to occur at the EDA closed session. <br /> The Council held an EDA closed meeting July 9, 2018 and decided that an appraisal should <br />be completed before determining a land sale price. <br /> An appraisal report by two separate appraisal companies was presented to the EDA at its <br />August 13, 2018 closed meeting. The EDA determined a price for the 4.25 acre land sale of <br />Crossroad Pointe. The EDA decided to postpone any discussion surrounding which option <br />to choose until its August 27, 2018 regular meeting. <br /> <br />Discuss the pros and cons of each option and decide which option the EDA would like to pursue. <br />Once and option is chosen, staff will enter into negotiations with the developer. If negotiations are <br />successful, staff will cooperate with the City Attorney and developer to complete a development <br />agreement and any other supporting documents and present them at a future meeting. <br /> <br />Recommendation: <br /> <br />1) Consider approval of either Option 1, all apartments or Option 2, apartments and a Kwik Trip <br />and direct staff to negotiate with the developer to come to a consensus on the land price by <br />motion. <br /> <br />