Agenda - Economic Development Authority - 06/14/2004

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MEMO DATE: TO: FROM: RE: June 14, 2004 Economic Development Authority (EDA) Megan Wald and Sean Sullivan Staff Update Town Center: The Planning Commission approved the sketch plan for the westerly commercial node of Town Center. The sketch plan includes the development of Coborn's grocery store and several additional restaurant pads and smaller multi-tenant buildings. The commercial area being developed by Shingobee will need to go through preliminary plat and site plan review, which is anticipated to be reviewed by the Planning Commission in June. New Business Prospects: The City is currently speaking with five companies. The first company is Rotary Systems, Inc. and they plan on constructing a 30,000 S.F. building in Sunfish Lake Business Park Second Addition this summer. A public hearing is scheduled for June 22nd to approve the development agreement. The next prospect is TLM Cabinets and they will be constructing a 10,000 S.F. Project on the old Morrell site this summer. All approvals for the development agreement are complete. The third prospect is Huntington Family Properties. They will be constructing a 15,000 S.F. building to lease for a plumbing franchise. The building will be located north of the recently constructed Precise Metalcraft project. This project is scheduled to go before the City Council on June 22nd. The fourth prospect is a 100,000 S.F. manufacturer. The City should know more information as to the status of that project come the EDA meeting date. The last prospect we are dealing with is Basalt Properties, LLC. They will be constructing a 40,000 S.F. Multi-tenant building to satisfy the requirement of the T & G Land project that commenced in 2001. There are plans for two more 27,000 square foot buildings to be built at a later date This project will be brought forth to City Council on June 22nd as well. New Developments (residential and commercial): The City Council approved the final plat of Rivenwick Village, consisting of 140 townhouse and condominium units, on June 8, 2004. Business Grand Openings:. None to report although Cabinetry Concepts, located in Sunfish Lake Business Park is now open for business. Marketing Initiatives: The City is revamping its industrial property add to include a commercial element and to address the buzz surrounding the Town Center project. The City is not marketing Town Center in this ad but just mentioning the close proximity of City owned industrial and property located near the Town Center area. Business Communication Initiatives: Staff is hoping to create a business survey to be inserted in the May/June publication of the Business Connection. EDA Pro,[ects: Douglas and Gary Hanson (Bakestar Property): Staff is still waiting on an appraisal from Mr. Hansen. We have been assured that it will be done within the next two weeks. Once we have that appraisal for comparison we can resume good faith negotiations.