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4.02: Consider Sale and Select Developer for Outlot D, Waterfront Village (Previously Case <br />4.01) <br />Economic Development Manager Sullivan presented the staff report. He provided an overview of <br />the Phillips Edison Group proposal. <br />Member Stewart asked for clarification on the offer price from Phillips Edison Group. <br />Economic Development Manager Sullivan replied that offer is willing to .ay for the pad site on the <br />corner but not the remainder of the site. He stated that each developer . ifferent proposal. <br />Member Stewart asked if this plan would cut off the ability to us: .. • . shown in purple. <br />Economic Development Manager Sullivan replied that gro . i of have <br />area and did not have a tenant they would have to fit th. .. a . e stated <br />development of lot two would be negotiated with a dre developer and that <br />could be part of that discussion. <br />Member Riley asked if the City would retain the area sho <br />Economic Development Manager Sulliva <br />would retain the entire area shown, but wou <br />est in developing that <br />der that proposal, <br />hown in purple <br />ed that under t oposal, Phillips Edison Group <br />t to pay fort e area. <br />Member Riley asked if the road would be own . an. that group as well. <br />Economic Development <br />developer of lot 2 wo <br />turn lanes to Phillips <br />ivan confir <br />le to reimbu <br />that to r e true noting that in this proposal the <br />50% of the costs of the internal roadway and <br />Chairperson the us- propose a price of $400,000 for everything south <br />of the line <br />Econvelopment Manager Sullivan stated that the City worked hard with Anoka County to <br />obtain a rig . ccess for the property with the turn lanes. He stated that the access has to be that <br />far north in or.. eet the requirements of Anoka County and therefore that is the access proposed <br />for all of the deve ' ents. H- then provided details on the proposal from Capital Real Estate. <br />Rick Hauser, Capital R state, welcomed any questions the EDA may have. <br />Chairperson Wiyninger noted that a Chipotle was mentioned and asked if that is a hope or whether <br />that is something that has been locked in. <br />Mr. Hauser commented that they build Chipotles in multiple states and do have a commitment from <br />Chipotle for this site. He stated that they are currently talking to other clients that typically tag along <br />with Chipotle. He noted a location in Blaine they recently finished which can help to show some of <br />the other potential clients. <br />Economic Development Authority/ October 10, 2024 <br />Page 3 of 7 <br />