5.0. EDSR 07-11-2005 - Laserfiche WebLink

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Northstar Business Park Development Update July 11,2005 EDA Meeting Page 2 of 2 • • Council holds assessment hearing/adopts assessment roll October • Construction complete October Public Infrastructure Grant— MN DEED Last month staff informed the EDA of a grant for up to 50% of the capital cost of public infrastructure from the MN Department of Employment and Economic Development (DEED). The City Council adopted a resolution authorizing the application and certifying the availability of its 50%match (to be provided by bonds and special assessment to the 22 requesting 495 EDA). The grant application was submitted Juneq g$ ,00 0 and was based on the entire improvement project. Staff anticipates the DEED application review process to take up to 30-days following submittal. Since that time DEED notified staff that the application review would be on hold until the state government shutdown is resolved. Prospects The preliminary plat has been designed accommodate the three initial prospects wishing to build the following described projects in the park this fall: • 18,000sf precision machine shop expansion for approximately 2 acres, 42 jobs • 32,000sf manufacturer for approximately 3 acres, 39 jobs • 20,000sf medical tubing manufacturer and multi-tenant space for approximately 2 acres, 30 jobs In addition, staff has received interest from two different prospects wishing to build • 100,000-150,000 square feet manufacturing or office facility on the 9.29-acre lot. The remaining 4.59 acre lot would accommodate an approximate 50,000 square foot building plus parking,while the 13.11 acre lot would accommodate an approximate 40,000 square foot building footprint plus parking. Staff has been working with Attorney Tom Bray of Briggs &Morgan to prepare a purchase agreement form which outlines the general terms for the sale of property within the park as well as statutory requirements for the EDA's sale of property. 1110