Minutes - Economic Development Authority - 10/10/2024

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4.02: Consider Sale and Select Developer for Outlot D, Waterfront Village (Previously Case 4.01) Economic Development Manager Sullivan presented the staff report. He provided an overview of the Phillips Edison Group proposal. Member Stewart asked for clarification on the offer price from Phillips Edison Group. Economic Development Manager Sullivan replied that offer is willing to pay for the pad site on the corner but not the remainder of the site. He stated that each developer has a different proposal. Member Stewart asked if this plan would cut off the ability to use the area shown in purple. Economic Development Manager Sullivan replied that group did not have interest in developing that area and did not have a tenant they would have to fit that space. He stated that under that proposal, development of lot two would be negotiated with a future developer and that area shown in purple could be part of that discussion. Member Riley asked if the City would retain the area shown in red. Economic Development Manager Sullivan replied that under this proposal, Phillips Edison Group would retain the entire area shown, but would not want to pay for the entire area. Member Riley asked if the road would be owned and maintained by that group as well. Economic Development Manager Sullivan confirmed that to be true noting that in this proposal the developer of lot 2 would be responsible to reimburse 50% of the costs of the internal roadway and turn lanes to Phillips Edison. Chairperson Wiyninger clarified that the user would propose a price of $400,000 for everything south of the line. Economic Development Manager Sullivan stated that the City worked hard with Anoka County to obtain a right -in access for the property with the turn lanes. He stated that the access has to be that far north in order to meet the requirements of Anoka County and therefore that is the access proposed for all of the developments. He then provided details on the proposal from Capital Real Estate. Rick Hauser, Capital Real Estate, welcomed any questions the EDA may have. Chairperson Wiyninger noted that a Chipotle was mentioned and asked if that is a hope or whether that is something that has been locked in. Mr. Hauser commented that they build Chipotles in multiple states and do have a commitment from Chipotle for this site. He stated that they are currently talking to other clients that typically tag along with Chipotle. He noted a location in Blaine they recently finished which can help to show some of the other potential clients. Economic Development Authority/ October 10, 2024 Page 3 of 7