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Public Works Director Olson stated Phase I of this project was a $3.8 million dollar project that serviced utilities to the future site of Legacy Christian Academy and signalized the intersection at Bunker Lake Blvd. and Armstrong Blvd. Phase II will have a cost of $5 35 million dollars because of road construction and land acquisition. This project reduces what will have to be done for the proposed Highway 10 interchange at Armstrong Boulevard. Public Works Director Olson described the highway project south of Highway 10 on Riverdale Drive, including the Traprock Street access. Chairperson Riley stated his concern that the perception might be that the Sunwood Drive project was done wrong and that it would have to be upgraded again in a couple years. Economic Development/Marketing Manager Backman stated that in the mid 1990's when the first infrastructure was installed Sunwood Drive was servicing an area intended to be high density throughout and not big box retail. The vision of the COR has evolved over time. Deputy City Administrator /Community Development Director Nelson stated that the Sunwood project is multifaceted; it has a distinct relationship to Highway 10 and Armstrong Blvd. interchange. Sunwood and Armstrong is not signalized and a dangerous intersection, and there is a high volume of traffic on Armstrong. The Sunwood and Armstrong intersection cannot be signalized because there is not enough stacking room between the train tracks and the intersection. It needs to move to the north to be functional. From an HRA development perspective it readies the land on the west side of Armstrong, and it demonstrates to the real estate community what the plans are. Member Backous stated his concern on the amount of funds the EDA has been asked to contribute Discussion ensued regarding the funding of the Sunwood Drive Realignment project and the EDA's financial participation. Discussion included the amount of funds that should be used, and if the EDA should take title of the land or use the land as collateral on a loan. Motion by Member McGlone, seconded by Member Williams to recommend EDA funds be utilized in the land acquisition piece of the proposed Sunwood Realignment Project; that participation does not exceed $600,000, that the EDA funds be used specifically for the largest possible portion of the land located at 8020 147 Avenue NW and owned by NDS Properties, LLC, that the EDA reserves the right to demolish any structure currently on site to make the site shovel- ready, and that any sale proceeds from said land be used to replenish the EDA Fund. Motion carried. Voting Yes: Chairperson Riley. Members McGlone, Williams, and Skaff. Voting No: None. Absent: Members LeTourneau, Steffen and Wise. Case #4: Staff Update Economic Development/Marketing Manager Backman presented the Staff Report that updated the members on discussion with USPS regarding a zip code, Big Ben Project, Twin Cities Gateway CVB and EDAM Day at the Capital event. Economic Development Authority/March 8, 2012 Page 3 of 4