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THE BUSINESS JOURNAL I twincities.bizjournals.com April 30,2004
<br /> rbitumbo Mortgage!!
<br /> 120-acre industrial
<br /> •
<br /> nterest ony for 10 years,Il plans
<br /> 25 year term ■
<br /> • •
<br /> ,� ° Financial flexibility park to bring
<br /> M jobs
<br /> &savings
<br /> 4.:
<br /> w Low,low single digitBY 5001T D.SMITH -14,0;,'' ,
<br /> • interest rate -STAFF REPORTER '0,4�� M1$SL$rap+'Ritter
<br /> • Refinance or purchase Monticello city leaders think the private mar .'
<br /> •Jumbo mortgages to ket isn't attracting enough industrial jobs, so - r Q�4°`64z
<br /> Simillion they plan to open a 120-acre industrial park r�.y
<br /> , that will compete with nearby land owners. ® S4
<br /> The leaders are in negotiations to purchase Jk L10 `
<br /> I
<br /> MSSISSIPPI the acreage of raw land at the southwest ;, ,.° , ,
<br /> t quadrant of the intersection of Highway 25
<br /> AtoitroAGit co.'t and Interstate 94. Weinand could not be reached for comment.
<br /> "We would be in a better position if we had To counter a"monopoly"on the industrial
<br /> .:, our own land to market rather than relying on land in Monticello,Wolfsteller said,city lead-
<br /> the private market,"said Rick Wolfsteller,city ers want to open up the market to lure corn-
<br /> I administrator for Monticello. ponies to Monticello.
<br /> L.
<br /> City leaders want to attract well-paying, Charles Pfeffer, president of Maple Grove-
<br /> industrial jobs before homeowners and retail- based Pfeffer Co.Inc.,has brokered land for the
<br /> What ers consume all its land. Monticello Industrial Park for about 12 years.
<br /> I "We don't just want to be a bedroom corn- Pfeffer would not disclose the owner's name.
<br /> munity with a Target Pfeffer said city
<br /> m store," said. "We would be in a better leaders canspend tax
<br /> V 10 E a It is notWolfsteller uncommon dollars on a real estate
<br /> E
<br /> V � � for cities to purchase OSItion if we had our own land to play if they want to,
<br /> land for industrial pbut he added that
<br /> parks.Examples in themaybe the city coon
<br /> "Your local Uoice, Uideo and north metropolitan market rather than relying on the private cil should evaluate the
<br /> area include Elk River, need for assets that
<br /> Web Conferencing Service Prouider" Anoka, Buffalo and market.We don't just want to be a would serve a broader
<br /> Free Demonstration Big Lake. „ range than to do a
<br /> '52.831.7215 www.uideoguidance.com If the deal goes bedroom community with a Target store. speculative purchase."
<br /> 9 through, city plansThe . Monticello
<br /> the
<br /> to spend about$3 mil- Industrial Park- has
<br /> lion to buy the 120 Rick Wolfs teller seen some sale activity
<br /> acres owned by John City administrator,Monticello in recent years,Pfeffer
<br /> Or,' Chadwick of ° said, but industrial
<br /> Bloomington-based development has been
<br /> Otter Creek,Wolfsteller said. The city would slow there,like in the rest of the metropolitan 1-111.. Fee
<br /> spend another $3 million for infrastructure, area.
<br /> including roads,sewers and water service,he However, Monticello is along the rapidly' ,. said. growing I-94 corridor between Minneapolis
<br /> " ' Chadwick would not sell his entire parcel.He and St.Cloud.It is seeing strong demand for
<br /> 74, � IYAoz�
<br /> "r" ; s �� " "- is retaining a 40-acre strip of land fronting I-94. retail projects at the intersection of Highway
<br /> ,,:t4k*:,,,: t t By starting its own industrial park, 25 and I-94.Several big-box retailers includ-
<br /> ,g a1 71' Monticello will compete with the Monticello ing Target, Wal-Mart and Home Depot are
<br /> = _ : Industrial Park, 40 acres of industrial land considering Monticello, and Wolfsteller
<br /> 14.
<br /> k I s y ,, within a mile of the city's proposed develop- expects that within three years the city will
<br /> s � ment.The city identified Shawn Weinand,of have some of those stores located in that
<br /> Z i ' 4 Osseo-based Progressive Development & area, he said. "They're all interested in
<br /> 4 - .y •„ �p , Construction, as one of possible several Monticello;we meet with one of them almost
<br /> ., ti� ,, investors in that property.Weinand also has every other day.'
<br /> an interest in another 30 acres,which consti-
<br /> �,: tutes nearlyall of the land in Monticello avail- ssmitl@b�oumalscom 1(612)288-2107
<br /> ' able for industrial development.
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<br /> Corrections _
<br /> ' The April 23 article"Savvy duo sparks Meditech"listed Meditech Communications Incl Web site address incorrectly.The
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