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The Mounds View Vision <br />A Thriving Desirable Community <br /> <br />Strategic Plan Strategy/Goal: <br />Create and maintain a positive business climate where businesses want to locate and <br />remain in Mounds View. Maximize utilization of development space and current <br />redevelopment sites. Fill vacant space and support redevelopment & development. <br /> <br />Financial Impact: <br />Redevelopment projects typically take a loss on the front end of the deal. However, <br />revenues are recovered in the long-term through property taxes, community investment, <br />the creation of more jobs, and an improvement to the property. There would potentially <br />be no financial impact to the EDA in a situation where the EDA would be able to recover <br />the money invested into the purchase of the property. <br /> <br />Recommendation: <br />Hear the redevelopment proposal from Commercial Investors Group and review & <br />discuss. Provide direction to staff and the developer on the EDA’s interest in pursuing the <br />hotel project. <br /> <br />Should the EDA decide to pursue the hotel project, the EDA should direct staff by Making <br />a motion directing staff to continue to coordinate with the City Attorney and other City <br />consultants as necessary and Commercial Investors Group to negotiate a purchase and <br />development agreement to be presented and considered at a future EDA meeting. <br /> <br />The price and other details will need to be agreed upon through an executive session <br />and/or the EDA giving staff the authority to negotiate within reason. A similar approach to <br />the process of selling the Crossroad Pointe site should be considered. <br /> <br />Respectfully submitted, <br /> <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> <br /> <br />Attachments: <br />1) Commercial Investors Group Site Plan