07/17/12 Work Session - Laserfiche WebLink

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to secure financing but does have to update the feasibility study. Once the feasibility study is completed, they will complete elevation design and architectural drawings to assure it will work for The COR. Mr. Geese stated they anticipate about 78 residents with one employee per resident and would like to move their regional corporate office from Ham Lake to Ramsey. Marty Fisher, Premier Commercial Properties representing Edgewood Group, iterated the six points and main attributes of the proposal: 1. Offer at $5 /sq. ft. on the land; 2. No request for TIF; 3. No financing contingency since it will be self financed; 4. Due diligence period is four months predicated on development study that was done earlier and development agreement; 5. Edgewood Group is a well- respected organization with several locations, an educated developer; and, 6. Allowing this project to move forward will create synergy for The COR. Development Manager Lazan ran a video depicting exterior building elevations of an Edgewood Group project. Mr. Fisher stated they understand there will be a requirement for updated building materials, which they are willing to address. Development Manager Lazan noted they have indicated they prefer the initial site and asked if the alternate site is a concern. Mr. Geese stated the alternate site is at a major corner with signalization so the traffic and noise will be greater. He stated they do not prefer that corner, noting residents would like views and something to do so they prefer the initial site. Commissioner Elvig asked about the types of care that will be offered. Mr. Geese stated they provide assisted care and possibly memory care beds as well. He explained there will be physician offices in the buildings so residents can see their doctor without going to the clinic. Commissioner Elvig asked if the project would offer complete living arrangements with kitchen and bath. Mr. Geese indicated each unit has a small kitchen but also a common dining room that provides three meals a day. They also offer medication management, bathing, and activities for daily living. Commissioner Elvig noted the traffic to and from this project will facilitate additional shopping and retail in The COR and asked about the possibilities for future expansion. Mr. Geese stated they had originally discussed doing one side now and the second side later but think they would develop the entire site, depending on the feasibility study, and it may be more than 72 units. He advised that memory care is becoming a larger component and requires an outside courtyard for those residents to enjoy. Housing and Redevelopment Authority / July 17, 2012 Page 2 of 5