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HomeMy WebLinkAbout4.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: March 16, 2021 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 4.a. ATTACHMENTS: None APPROVED BY: LJM RECOMMENDED ACTION: Information Item. ISSUE Previous discussions with the Council and Port Authority indicated a desire for more information regarding completion of workplan activities. The following highlights some of the project and economic development activities since the last Port Authority meeting. The Morrison: Fourth floor framing is in process. Carousel Way: A Ribbon Cutting is scheduled for April 7th at 11:30 am. Approximately 3,000 square feet is available for another tenant. Brewery: The new brewery user met with staff and land owner and brewery regarding next steps. They hope to have plans into the city for initial review in late spring. City staff is also trying to determine which liquor license would be most appropriate for the venue to conform with the State of Minnesota regulations. We are having discussions with the operator about their conversations with State licensing. Dave Schmitz is currently in the process of securing financing. This past week the bank approved their credit request and the SBA part of the loan is almost finished. Once the financing is in place, APPRO will start moving forward on construction and will need about two months before the actual building can start. Their goal is to have a shovel in the ground by early June with a completion date around the end of November. The Clover: The owners plan to open the week of March 15th and staff has scheduled a Ribbon Cutting for March 25 at 3:30 pm. Israelson property: Staff met with Warren or Luke Israelson regarding the commercial prospects. They are open to building a speculative commercial multi-tenant building if they were able to have one or two users lined up. Also, they indicated they could have a rendering of a multi-tenant commercial space drawn up to help staff with promotional and marketing outreach. Merchants Bank site: No updates at this time. Akron Ave: The City Council discussed the Recreation Center at the work session on March 2. Staff is working on agreements for the operations, financing, and land purchase. UMore Residential: No new information at this time. CDA Property: Three Letters of Intent were submitted by developers for the CDA residential property on Akron. The CDA will post discussion for April meeting and actual discussion will take place at May’s meeting. Speedway: After many emails and calls to the County, Staff was able to review the Bankruptcy Court records. The owners (as individuals) filed Chapter 7 bankruptcy on December 9, 2019. They were granted a discharge of their individual debts on March 9, 2020. The personal bankruptcy case is now closed. The ownership continues to lie with Hasbrouck Holdings along with Hasbrouck of Rosemount. Those companies did not file bankruptcy and remain the owners. There is a court date for May 25, 2021 which will be the finalizing of the foreclosure of the property. Barring an objection, once this foreclosure is completed, there is a third party to purchase the location. Staff was told it would be re-opened as a gas station, possibly a Shell. Kraus-Anderson: The Port Authority and staff toured Kraus-Anderson’s Chamberlain Apartments in Richfield on March 4, 2021. This is an example of mixed income housing project that could be feasible in Rosemount. Matt Alexander of KA indicated he is familiar with Rosemount due to prior projects in the area, and would be interested working on a residential project within the City. INDUSTRIAL UMore Industrial site: There is no new information. Biscayne Business Park/ Cerron Commercial Properties: Plans have been submitted for the commercial bakery, Valley Natural Foods and the Council will consider approval of the Conditional Use Permit at the March 16 meeting. The associated building permit is concurrently being reviewed administratively. Rosemount Business Park: Discussions continue regarding the Osprey project. the City’s financial consultant has begun work on TIF District documents. Opus Site: No new information. Car Condo Project: Staff was informed that the car condo project is not moving forward. This project was approved prior to COVID and the applicant had chosen to wait to begin construction. We have now been informed that it is on indefinite hold. OTHER Business Luncheon: Staff has received 82 confirmations from local businesses for the Business Application gift card program. Staff purchased gift cards from local restaurants and will be sending them to businesses along with a letter the week of March 15. Home and Business Expo: We currently have 31 vendors signed up for the Expo on May 8 at Hope Fieldhouse. We are reaching out to businesses that signed up in previous years with an individualized message. If you know of any businesses in the area we should contact, please let staff know.