5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix F: Competitive Data (cont.) In June 2006, the tiny Hennepin County community of Osseo began a is ;, redevelopment master planning process. This summer, the Osseo EDA has also been exploring the idea of generating economic development funds by establishing an EDA ~ levy. At a July 11 Osseo EDA meeting, the potential uses of levy funds were fisted as: staff time, redevelopment efforts and low- to moderate income housing efforts. The benefits of establishing a levy were described as providing dedicated funding for development projects, such as development in the city's industrial park, and assisting with the city's goal of continuing to provide opportunities fox people to work in the community. Both the redevelopment master planning process and discussions of an EDA levy are still in progress. City Web site: www.ci.osseo.mn.us ~y pr Located directly across the Mississippi southeast of Elk River in Wright ~~'i'~7iw• ~Q County, Otsego is perceived to be one of Elk River's primary current and future competitors fox industrial development opportunities. By far qN Tl1E GREAT RIVER Rp~1R the most notable new project in this fast-growing Wright County community is the planned Gateway North Business Center. The master-planned industrial park, which is being developed by Indianapolis-based Duke Realty Corp., is earmarked fox about 129 acres at Minnesota Highway 101 and 60`h Street Northeast, about four miles north of the Rogers exit on Interstate 94. Plans call fox office, warehouse, manufacturing and distribution space. The phased development is expected to take &ve to seven years to build out. The first phase, the 153,000 square foot Gateway North Business Centex Ioffice/warehouse facility, is scheduled to be avaIlable April 1, 2007. Published lease rates axe to be $4.75 per square foot (PSF) fox warehouse and $9.75 PSF fox office. Subsequent phases are to include eight more buildings ranging in size from 56,000 square feet to 257,6000 square feet. The project is being marketed by CB Richard Ellis. In an Aug. 14, 2006, article in the Minneapolis'-St. Paul Bunnear Journal, Pat Marcia of Duke said that the firm is completing two industrial buildings in Brooklyn Paxk that have leased up and is evaluating whether to build spec space at Otsego. At an Aug. 16, 2006, Wright County Economic Development seminar, Mx. Marcia said that Duke's top three reasons for selecting the Otsego site were: ^ The Northwest Metro is where office/warehouse tenants want to be and Duke akeady has a presence in Brooklyn Park. ^ Duke wanted to develop buildings with a 30:70 office to warehouse ratio. Most cities, including Elk River, require a 40:60 ratio. ^ Otsego provided incentives toward bringing utilities to the site. City Web site: www.ci.otsego.mn.us E3