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<br />Item #: 7A <br />Meeting Date: January 18, 2019 <br />Type of Business: EDC <br /> <br />City of Mounds View Staff Report <br />To: Economic Development Commission <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: Reports of Staff <br /> <br />A. Crossroad Pointe Redevelopment Project <br />At its December 27, 2018 EDA meeting the purchase agreement <br />was approved between the EDA and INH Properties for the sale of <br />Crossroad Pointe. All documents including the development <br />agreement and payment to the EDA must be completed by May 1, <br />2019. A development/construction meeting was held with staff <br />January 3, 2019. Groundbreaking for the approximately 127 unit <br />market rate apartments is expected Q2 2019. <br /> <br />B. Rice Creek Commons (TCAAP) Development Update <br />Project engineers are in the process of finalizing plans for mass grading, utility installation, <br />and primary roadways on the site. This work will be completed in 2019. The first phase of <br />housing and early commercial construction is anticipated to begin in 2021. When fully <br />realized, the mixed-use development is expected to offer 1,460 housing units, support at <br />least 4,000 living-wage jobs, and generate approximately $8.6 million in property taxes <br />annually. <br /> <br />D. North Metro Business Council Meeting <br />The next North Metro Business Council meeting will be held March 13, 2019 from 7:30- <br />9:00 a.m. at the Mermaid Event Center. The topic is TBD. All meetings are free. <br /> <br />E. MWF Properties <br />MWF Properties is in the process of constructing a 60 unit of <br />workforce housing project located along Mounds View <br />Boulevard and Groveland Road. Construction is expected to be <br />completed by December <br />2019. <br /> <br />F. The Triton (Skyline Motel) <br />The Triton was expected to be a 61 unit affordable <br />housing project to be located at the old Skyline Motel <br />site. The developer did not receive the Tax Credits <br />necessary for the project and backed out of the project. <br />On December 27, 2018 the EDA approved the <br />assumption of the purchase agreement to purchase of <br />the Skyline Motel. As, the purchase agreement would <br />have expired Dec 31, 2018 if not executed by that date.