11-18-2021 EDC - Laserfiche WebLink

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The Mounds View Vision A Thriving Desirable Community Item #: 7A Meeting Date: November 18, 2021 Type of Business: EDC City of Mounds View Staff Report To: Economic Development Commission From: Brian Beeman, Assistant City Administrator Item Title/Subject: Reports of Staff A. Gray Stone Flats Redevelopment Project Now fully leased. According to INH Properties, this is unheard of considering that they just opened 4-1-21. They are considering a Phase II and actively looking for feasible locations. B. Rice Creek Commons (TCAAP) Development Update In late spring of 2019 project engineers were in the process of plans for mass grading, utility installation, and primary roadways on the site. This work was slated to be completed in 2019. Initially, the first phase of housing and early commercial construction was expected to begin in 2020 and when fully realized, the mixed-use development was expected to offer 1,460 housing units, support at least 4,000 living-wage jobs, and generate approximately $8.6 million in property taxes annually. Ramsey County Commissioner Nicole Joy Frethem met with the Mounds View City Council January 11, 2021 and stated that the law suit is still in effect however, neither party is at liberty to mention any details of the lawsuit. However, she stated that they feel progress is being made and they are nearing an agreement. “All construction is still on hold”. C. Mounds View Business Council Meeting The next meeting will be held at the MV Event Center Wednesday December 8, 2021 from 8:00-9:00 a.m. All meetings are free and all EDC Members are encouraged to attend. The featured speaker will be TBA. At the September 8 meeting Noah Her from “Open to Business” talked about business startup tools and other business services. D. Skyline Redevelopment The EDA has entered into a Preliminary Development Agreement with MWF Properties for the Skyline Redevelopment site. MWF will be applying for its Tax Credits through the State of MN and will find out if they are successful December 2021. If they are successful then they could break ground as early as the second quarter of 2022. If they are not awarded the Tax Credits then they will apply in the next round by July 2022. They are proposing to construct 120 units of affordable senior housing. Bauer Welding and Bio Clean plan to expand their operations as well, resulting in the potential of four development projects on the overall redevelopment site. MWF was not successful in their first round of conduit bond funding. However, they are at the top of the list for the next round. They will be applying again in January 2022 and will find out if they are successful in the spring of 2022. If all funding sources are in place then MWF could start construction approximately the second quarter of 2022. E. Long Lake Woods Marty Harsted is moving forward in creating 12 new single-family residential lots. He would like to break ground in the summer of 2022. He apparently has about four homes that would be built right away once the development has been completed. F. Tom Fields Estate A developer had planned to purchase three lots from Tom Fields located across from Lambert Park to construct three assisted living homes, however Mr. Fields has delayed the project. Therefore, the developer has backed out of the project. Three more developers have inquired about these lots, however the asking price is too high and they have backed out as well. G. Simon’s Building The Simon’s property has a signed purchase agreement by a local dentist and the Phase I environmentals have been completed. The dentist intends to make an offer on the EDA lot soon. The proposed project is a mixed-use building with the dental office and a suite to be leased on the ground floor and apartments in the second floor. H. New Vision Theater The movie theater is being leased by AMC and is now in operation. Caribou Coffee is still moving forward with their Caribou Cabin drive-thru.