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HomeMy WebLinkAbout2005-11-08 EDA MinutesCITY OF COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY MINUTES November 8, 2005 Pursuant to due call and notice thereof, a regular meeting of the Economic Development Authority was held at City Hall, 7516 80th Street South, Cottage Grove, Minnesota on the 8th day of November 2005. CALL TO ORDER The meeting was called to order at 7:30 a.m. by EDA President Shiely. Rni i CAI i Members Present: Sandy Shiely, EDA President Myron Bailey, EDA Vice President Gerry Weingartner, EDA Secretary /Treasurer Al Boche, EDA Member Glen Kleven, EDA Member Mike Wennen, EDA Member Jim Wolcott, EDA Member Members Absent: None Others Present: Joe Fischbach, Management Analyst Tom Kaiser, Bulletin Newspaper Jessica Sandin, Management Analyst Ryan Schroeder, EDA Executive Director APPROVAL OF MINUTES EDA Vice President Bailey moved to approve the October 11, 2005 Economic Development Authority Minutes. EDA Member Boche seconded the motion, All Present in Favor. Economic Development Authority - Minutes November 8, 2005 Page 2 DEVELOPMENT UPDATE Ryan Schroeder updated the EDA on year -to -date commercial, institutional and residential construction permits. Through the month of October the total permit value has reached $65 212 residential building permits have been issued. 43 new and remodel commercial building permits have been issued. The permit value for these 43 projects totals $12,830,548. Many of the 2005 remodel projects are tenant build -outs in multi- tenant commercial buildings including Oak Park Commons, the Shoppes at Gateway North, and West Point Business Center. Additional permit activity is anticipated in the next few months for the Kellison project, and potentially at the MGM center and the Point Douglas Center (next to Menards). Ryan Schroeder told the EDA that OPUS is now a development partner within the Industrial Park. They have entered into a purchase agreement for the 15 acre parcel along 95 street just west of Jamaica. They are also optioning another 150 acres within the Industrial Park. They expect to construct two 80,000 square foot multi- tenant buildings within the next couple of months. This partnership gives the City more resources to generate manufacturing activity. It does mean that the City will have to gain permission to develop future projects in the Industrial Park from OPUS. The current deal is the City will be able to develop west and north of the future 97 street extension and OPUS will retain the balance for their projects. The 97 street project is necessary to provide utilities and a permanent street access to the graphics plant that was recently approved by the EDA. It is expected that the City Council will receive the feasibility study, plans and specifications for the project in January and award the bid around the first of March. Funding for the roadway will come from future project generated tax increments with utilities funded out of the area funds. Those funds will also receive revenues from future projects. With the OPUS deal it is still understood that the EDA will receive a reimbursement of $1.10 per square foot for all projects. This will help pay for existing and future improvements in the park. Washington County gave a presentation to the City Council at their November 2, 2005 meeting regarding their South Service Center. The County expects to begin construction in 2006 with occupancy in 2007. With this construction the first leg of the Ravine Parkway will need to be constructed. It will cost $2.2 million with the cost split between the City and the County. It will be expected that the infrastructure costs in the East Ravine will be charged as roadway area charges against developable acres. The Presbyterian Homes redevelopment of Cottage Square is effectively at the same place it was left in October. Presbyterian Homes is still negotiating with the remaining tenants on relocation either on or off site. EDA Member Jim Wolcott moved to affirm the subordination to the first mortgage lien on financing of the Goodyear site by PHM. EDA Member Mike Wennen seconded the motion, All Present in Favor. 2 Economic Development Authority - Minutes November 8, 2005 Page 3 EDA Member Mike Wennen moved to table eminent domain action on Cottage Square to the December 13, 2005 EDA meeting. EDA Secretary /Treasurer Weingartner seconded the motion, All Present in Favor. Ryan Schroeder gave the EDA a Grove Plaza TIF fiscal update. BUSINESS RECOGNITION BREAKFAST Monday, January 23 has tentatively been reserved for the Annual Business Recognition Breakfast. Jessica Sandin asked EDA members for the input on the date, the focus of the meeting and who they would want to see as a guest speaker. Invitations for the breakfast will go out in December to businesses in Cottage Grove, Newport and St. Paul Park. INDUSTRIAL PARK LUNCHEON Jessica Sandin highlighted the Industrial Park appreciation luncheon that was held at River Oaks. Half of the owners in the industrial park attended the luncheon. Topics of the luncheon included the Jamaica roundabout, the 97 street extension, future development opportunities, the East Ravine, a Wakota Bridge update and information on the Holiday Train. JAMAICA BUSINESS BREAKFAST Jessica Sandin discussed the Jamaica neighborhood business meeting that took place on November 3 rd at Country Inn & Suites. Half of the owners /managers in the Jamaica business district took part in the meeting. Topics of the breakfast included the Jamaica roundabout, East Point Douglas roadway changes and landscaping /signage enhancements, the East Ravine, a Wakota Bridge update, and information on the Holiday Train. CALENDAR The EDA members were reminded of upcoming meetings and events. MISCELANEOUS BUSINESS ITEMS None 3 Economic Development Authority - Minutes November 8, 2005 Page 4 ADJOURN EDA Member Wolcott moved to adjourn the meeting. EDA Member Weingartner seconded the motion, All Present in Favor, the meeting adjourned at 8:05 AM. Respectfully Submitted, Joe Fischbach Management Analyst 4