HomeMy WebLinkAbout5.b. Economic Development Update4ROSEMOUNTEXECUTIVE SUMMARY
PORT AUTHORITY
Port Authority Date: September 17, 2013
AGENDA ITEM: Economic Development Update
AGENDA SECTION:
New Business
PREPARED BY: Kim Lindquist, Deputy Director
AGENDA NO. 5.b.
ATTACHMENTS: None.
APPROVED BY:
RECOMMENDATION: Information Item.
ISSUE
There are several update items to provide the Port Authority regarding potential economic
development in the community:
It appears the hotel has an interested investor. There is some interest in moving the hotel further
away from the western railroad tracks. The property owner and developer continue to talk.
The broker for Canon Equipment has had interest in the building. They are working to negotiate a
lease. There was no information about the future tenant and they do not need any additional
assistance from the City at this time.
There has been some interest from a fast food franchise about the old A &W /Kentucky Fried
Chicken building, but the franchiser did not approve of the site and the purchase did not occur. This
is one of four sites being packaged (Hopkins, Inver Grove Heights, Rosemount & Mounds View)
and the broker is hoping to sell all to the same buyer.
Staff met with an official from Titan Equipment. The Company leases the site and has an option to
renew the lease. They would be interested in relocating, depending upon the cost of the land and
location. It was indicated that they could move within Rosemount or elsewhere in the eastern Metro.
The broker for the Commercial Millwork Building indicated there has been interest but no offers.
Recently they submitted the site in response to a request for proposal from Greater MSP.
Approximately $700,000 of value has been added at the gravel mining ancillary use area, bringing
$10,000 in building permit revenues.
Fairview building permits are ready to be picked up for their expansion. They will be adding
additional clinic space and a drive -thru pharmacy.
We continue to have discussion with Wally Johnson of Stonebridge regarding the private Senior
Housing project to be located at the Steeple Center. It appears he may have his financing lined up
and is going to start final design development.
RECOMMENDATION
No Action Required.
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