01-20-2022 EDC - Laserfiche WebLink

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The Mounds View Vision A Thriving Desirable Community Item #: 7A Meeting Date: January 20, 2022 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. 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”. B. Mounds View Business Council Meeting The next meeting will be held at the MV Event Center Wednesday March 9, 2022 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 December 8 meeting Chief Harder presented information on business security. C. Skyline Redevelopment The EDA has entered into a Preliminary Development Agreement with MWF Properties for the Skyline Redevelopment site. They have applied for Tax Credits through the State of MN, Ramsey County assistance, and also a Housing TIF through the City. 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 as early as the second quarter of 2022. D. 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. E. 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. This project is on hold until the land owners agree to move forward. F. 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 professional building consisting of a new dental office and two additional suites to be leased to a future tenant. G. New Vision Theater The movie theater property has been sold to a Minnesota owner. Details of the new owner and future use of the property is unknown at this time. The previous owners did keep the parcel currently being used by the Bridges School. H. MV Square Staff met with Paster Enterprises in September to seek their interest level in redeveloping the Mounds View Square area. They see the potential need to redevelop the site. However, they need time to brainstorm and will check-in 2022. Does the EDA have any additional ideas for this redevelopment that staff can pass along to the developer?