Agenda - Economic Development Authority - 08/09/2004

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MEMO DATE: TO: FROM: RE: August 9, 2004 Economic Development Authority (EDA) Megan Wald and Scan Sullivan Staff Update Town Center: The Planning Commission and City Council approved the preliminary plat for the westerly commercial node of Town Center. The plat includes the development of C0born's grocery store and several additional restaurant pads and smaller multi-tenant buildings. 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 publ'ic hearing was scheduled for June 22nd to approve the development agreement. The development agreement has been executed and the project expects to break ground sometime in August. 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 and a site plan has been submitted in August. The third prospect is Huntington Family Properties. They will be constructing a 15,000 S.F. building to lease for a plumbing franchise (Winn-Nelson). The building will be located north of the recently constructed Precise Metalcraft project. This project went before the City Council on June 22''d. The project received necessary approvals from council and the Development Agreement has been executed and construction should begin in August. The fburth prospect is a 100,000 S.F. manufacturer. The City has submitted a RFP to the company's agent and should hear back from the agent sometime in August. Staff is recommending property located in Sunfish Lake Business Park to the prospective business. The fifth prospect is Sharp and Associates. Staff has been in negotiations with Denny Sharp regarding a mini-storage project on the old Communicor site. The site has severe limitations due to the soil conditions and the self-storage project could be built on a slab on grade to avoid cost that would make development prohibitive. The project was approved by City Council on July 27 and construction should commence this September. it should be noted that this project will provide an improved streetscape of Bunker Lake Boulevard and serve as excellent screening for properties located to its south. 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 was brought forth to City Council on June 22nd as well and all required approvals were granted. Look for construction to begin sometime in Late August or Early September. 7