Agenda - Economic Development Authority - 08/09/2007

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Member Elvig stated the bottom line is that the real issue is the carrying costs on the land and how fast someone is willing to come to the plate to proceed with a project. No one has wanted to proceed with a project this year or next year, or hold those carrymg costs. Community Development Director Trudgeon indicated the EDA will be informed as the Ramsey Crossings process proceeds. Community Development Director Trudgeon stated projects in Town Center are moving ahead. He provided an update on the following associated with Ramsey Town Center: . Crest View has received preliminary approval and the Anoka County Medical Examiner's Office is currently going through the approval process. There has been authorization to construct with the Civic Center Drive and Rhinestone Street improvements, which will facilitate these developments. Both projects anticipate starting in the spring of2008. . lOth Judicial District Administration will be located on the 3rd floor of the office building across the street from the municipal center. The offices will be moving into the building the end of June. There is a possibility that additional office space will be needed. Once per month all judges in the 10th Judicial District will be coming to this location to meet and talk about administrative issues. Mr. Deal is getting closer to opening up his coffee shop on the lower level of this building. . Residential: K. Hovnanian is pulling a lot of permits; D.R. Horton has been issued 9 permits in the last two weeks; some of the single family homes on the north side have permits moving. . The Master Developer defaulted on many things included in the Development Agreement and payments to contractors. Piece by piece they are slowly getting out of that, but there is a long way to go. There are bad feelings from contractors and smaller builders oIi the north side; staff has tried to encourage them and look at plans and details that can assist them. . The bank has initiated foreclosure. The sheriff sale is scheduled for July 9th. Staff thinks this is a positive, as the uncertainty has been troublesome. Mr. Trudgeon provided an overview of the foreclosure process. He stated the City will try to re-engage the dialogue with the bank, but at the same time v..rill make certain that the City's rights are protect.ed and that the Master Development Agreement is enforced. Council has directed staff to proceed with a declaratory judgment action to ensure that whoever purchases the property is subject to the Master Development Agreement. Chairperson Riley suggested including information regarding Ramsey Town Center ill the Ramsey Resident. Member Strommen left the meeting at 8:37 a.m. Case #2: 2007 Business of the Year Economic Development Coordinator Sullivan reviewed that included in the packet is a lit of businesses previously chosen as Business of the Year. Also included is a list of businesses that Economic Development Authority/ June 14, 2007 Page 5 of7 5