Agenda - Economic Development Authority - 01/12/2017

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Economic Development Authority (EDA) 4. 1. Meeting Date: 01/12/2017 Submitted For: Patrick Brama,Administrative Services By: Patrick Brama,Administrative Services Title: Stone Brook Academy Purchase Agreement for 1-acre of City-Owned Land located within The COR[PORTIONS MAY BE CLOSED TO THE PUBLIC] Purpose/Background: REVIEW This case was reviewed by the EDA on 12/08/16 and by the Planning Commission on 01/05/2017. PURPOSE The EDA requested the feedback below before they provided a recommendation on this project to the Council. (1) Review feedback from staff on various items related to Stone Brook's desired site location, Outlot B (Site 41). Items include clarification of Yolite Street costs/constraints,utility stub locations,master planning, and remnant lots. (2) Review feedback from Stone Brook on other site location options. This includes comments on eight potential site locations. (3) Review feedback from Planning Commission on the eight potential site locations/proposed use (see attached Site 41 log). OUTCOME The desired outcome of this case, for Stone Brook, is direction on what site location they can move forward with. Stone Brook still strongly desires Outlot B--their original proposed location--a 1-acre parcel just west of the existing Yolite intersection(Site 41). Stone Brook is hoping to get clear direction from the City--as they want to enter into a purchase agreement and begin the entitlement process ASAP. They are hoping to have a project completed in 2017. BACKGROUND -Site Locations- Attached to this case are logs for eight potential site locations. The first site (site 41)contains the most information, as it has drawn the most discussion/and continues to be Stone Brook's desired location. Sites 42 and 44 are potential alternative options--Stone Brook would accept these sites if the City opposed Site 41, and was able to obtain like costs. Sites 43, 45, 46, 47, and 48 are not options for Stone Brook(regardless of price). Staff would ask the EDA review these site logs before the meeting. EDA comments on these site locations will be helpful for the Council. -Stone Brook/Prestmore Academy- Mr. Michael and Mrs. Kristen Johnson are former Ramsey residents (now Andover residents) and are both practicing professionals. They would like to establish a new children's academy in The COR. This is a project they've been researching/planning and saving up equity for, for over two years. They have reviewed the project with two developers, an architect, and with two banks. At this point,they are ready to