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1. CALL TO ORDER
2. ROLL CALL- President McCarty
Vice President Koopmeiners
Secretary Trude
Commissioner Quick
Commissioner Stigney
3. APPROVAL OF AGENDA,
0 EDA ACTION: AID
lComments:
1 4. APPROVAL OF MINUTES:
February 10, 1997, Meeting No. 32
EDA ACTION: AID
Comments:
5. CONSENT AGENDA
No Items.
6. PUBLIC HEARING
No public hearing scheduled for this meeting.
EDA '>
PAGE TWO
MARCH 10, 1997
7. EDA BUSINESS 1
' A. Consideration of Resolutipn No. 97-EDA62 Authorizing staff to pursue
negotiation of purchase agreement with MSP Real Estate. Staff Report No. EDA-97-
67C
DA=9767C (StaffPresenter: Cathy Bennett,Director of Economic Development)
EDA ACTION: ATD
Comments:
8. REPORTS:
Report of EDA Board Members:
1. Report of President McCarty:
2. Report of Vice President Koopmeiners •
3. Report of Secretary Trude
4. Report of Commissioners:
a. Commissioner Quick:
b. Commissioner Stigney:
5. Report of Clerk:Administrator Whiting:
6. Report of Executive Director Bennett:
7. Report of Treasurer Kessel:
•
d f�
Item No. 7A
Staff Report No. EDA-97-67C
Meeting Date: March 10. 1997
Type of Business: EDAB
WK:WorkSession;PH:Public Hearing
CA:ConsentAgenda;EDAB:EDA Business
Mounds View Economic) Development Authority
Stag R® ort
To: EDA Board Members
From: Cathy Bennett, Director of Economic Development
Item Title/Subject: Consideration of Resolution No. 97-EDA62
Authorizing Staff to Pursue the Negotiation of a
Purchase Agreement with MSP Real Estate.
Date of Report: March 6, 1997
The developer of the senior housing complex, Silver Lake Pointe located on County
Road I, is interested in the redevelopment of the former Pleasant Wood Apartments
and developing new townhomes on the vacant land east of Pleasant Wood
Apartments which includes the land the EDA owns on the Corner of Eastwood and
Highway 10. See attached map for redevelopment area.
• Pam Sheldon and I met with Jeff Huggett and Milo Pinkerton of MSP this week to
discuss the project. MSP would be applying for MHFA Funding to do a major
renovation to the interior and exterior apartments and to construct new townhomes
as one coordinated development. The deadline to be considered for funds from
MHFA is March 13th. Therefore, it is important that MSP has documentation that
all the land owners have been contacted and are interested in negotiating purchase
agreements for the project. Owners of the other properties have been notified and are
willing to enter into purchase agreements with MSP Real Estate. Attached is a letter
from MSP describing the development and requesting that the EDA negotiate the
sale of the land to MSP.
The attached resolution would be sufficient for MSP to meet the MHFA application
deadline and would not bind the EDA in selling the property but just states our
interest in pursuing the sale for this project and authorizes staff to negotiate a
purchase agreement. Representatives from MSP will be in attendance Monday
evening to answer any questions regarding this initial request.
A project of this magnitude will be very time consuming but will result in a
development that provides a host of benefits for the community. MSP will be
40 assembling and applying for various funding sources to make the project a reality.
City of Mounds View Staff Report
March 6, 1997
Page 2 Adk
We anticipate that they will be applying for County Home Funds and Tax Increment
Financing and will need support from the City in these areas as well. MSP Real
Estate will be prepared to give a full description of the project and funding
mechanisms at the work session in April.
The parcels for this development are in the Highway 10, Section 9 Study area. The
results from the study will also be presented to the FDA at the work session in April.
Director of Economic Development
•
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.97-EDA62
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION AUTHORIZING STAFF TO PURSUE THE NEGOTIATION OF A PURCHASE
AGREEMENT WITH MSP REAL ESTATE
It is hereby resolved by the Board of Commissioners(the`Board")of the Mounds V:ow Economic
Development Authority(the"Authority")as follows:
1. RECITALS:
(a) the Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.124 and
469.090 to 469.108 (collectively the"Act").
(b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a
program to promote development and redevelopment of certain land within the City of Mounds View
and in this connection is engaged in carrying out the Mounds View Economic Development Project
(the"Project")within the City.
(c) There has been approved pursuant to the Act a Project Plan for the Project.
(d) The redevelopment and development of property within the Project by private developers are
stated objectives of the Project Plan.
(e)The Authority purchased property located in the City at 2625 Highway 10 Northeast (the
"Property"), bounded generally be Highway 10, County Road I, and Eastwood in December of 1995
authorized per Resolution No. 95-EDA34 for the purpose of redevelopment.
(f) The Authority desires to pursue the negotiation of a purchase agreement for the sale of the
Property with MSP Real Estate for the purpose of the development of townhomes.
2. The Board hereby determines that authorizing staff to pursue the negotiation of a purchase agreement
for the sale of the Property would help realize the public purpose of the Act and is in furtherance of the
Project Plan.
3. The Authority is also directing staff to bring back a negotiated purchase agreement for the Property
for final approval prior to execution to include terms of the agreement such as purchase price, earnest money,
closing date and contingencies.
Adopted by the Board of Commissioners of the Mounds View Economic Development Authority on March
10, 1997.
ATTEST:
President
(SEAL)
Executive Director
•
Executive Director's Certificate
I,the undersigned,being the duly qualified and acting Executive Director of the Mounds View Economic
Development Authority, do hereby certify that I have carefully compared the attached and foregoing resolution
adopted at a regular meeting of the Board of Commissioners of said Authority duly called and regularly held on
the date herein indicated with the original thereof on file in my office and I further certify the same is a full, true,
and correct copy thereof, insofar as the same relates to the approval of staff entering into the negotiations for a
Purchase Agreement with MSP Real Estate for the sale of 2625 Highway 10.
I father certify that Boardmember moved the adoption of said resolution,
that Boardmember seconded said motion, and that upon a vote being taken thereon,
the following Boardmembers voted in favor thereof:
•
and the following Boardmembers voted against the same:
whereupon said resolution was declared duly passed and adopted.
WITNESS my hand as such Executive Director of said Authority the day of
, 1997.
Executive Director
Mounds View Economic
Development Authority
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Proposal from MSP Real Estate for Residential Development&
Redevelopment on Property in Highway 10 Corridor
Lots Under Consideration: 2625-2665 Highway 10 N4
3-05-1997 6: 12PM FROM MSP REAL ESTATE. INC. 612 336 4565 P.2
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March 5, 1997
Cathy Bennett
City of MoundsView '
2401 Highway 10
Mounds View, MN 55112
RE: EDA - Owned Property
Highway 10/County Road I
Dear Cathy:
As discussed in your office the other day, MSP Real Estate, Inc. is proposing to
purchase the EDA - owned site on Highway 10 and County Road I of approximately
.6 Acres.
IIIOur proposal would be to purchase the adjacent vacant land as well as the adjacent
-
40 unit Red Oak Apartments. We would then substantially rehabilitate the existing 40
apartments and would build up to 25 new rental townhouse units on,the vacant land. Both
the rehabilitated apartments as well as the new townhomes would be owned and operated as
one property, by a single ownership and management entity. The townhomes would be 3 -
and 4 - bedroom units with attached garages. We also plan to include a playground area for
the children that would live in both the apartments and the townhomes.
Our proposed offer to purchase would contain the following business terms:
Price: $1.25/sq #1:
(There are approximately .6 acres of available land,
thus the price would be 26,000 sq ft. X $1.25 = S32-5OQ)
Earnest Money: $3,000.00
Closing Date: On or before 12/31/97 .
Contingencies: Re-zoning to PUD and obtaining adequate financing
• to develop and rehabilitate the entire project.
3-05-1997 6:13PM FROM MSP REAL ESTATE. INC. 612 336 4566 P. 3
In order for us to begin to assemble our financing package, we need a letter of intent
from the EDA that you will negotiate the sale of this land with MSP Real Estate, Inc.
We think that this concept of combining these three adjacent properties into one high
quality community has a Iot of merit We look forward to working with the City of
MoundsView on the development.
If you are willing to enter into exclusive negotiations with MSP Real Estate, Inc. to
work toward a Purchase Agreement on this parcel of land, please sign below.
Acknowledged on this _th day of March, 1997 Sin ely j 1{
City of MoundsView %
111
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adosthilr •