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HomeMy WebLinkAbout4.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: February 15, 2022 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 City 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. Projects in Progress The Morrison: The first half of the building has started move-ins and is continuing interior work on the second phase. With the completion of first residential phase, the City issuance of the TIF note in January. Ron Clark indicated leasing has been strong and all the multi-bedroom units have been leased. Phase II will have final inspection this week and beginning moving residents in in Spring. Breweries/Tap Houses: OMNI Orchards: The land was closed on during the week of November 1st. Staff is working with the project architect on the building permit submittal. Tap Society: No update at this time. Dave Schmitz/North 20 Brewing: Construction is progressing on schedule. Israelson properties: HWY 3/42: Staff spoke with Luke Israelson in on December 21st regarding the building plans and elevations for the commercial space. Rosewood Crossing: A building permit was issued for the next 32-unit apartment building. Rec Center: Work on the public-private partnership Recreation Center continues, with now weekly meetings with the project team. The purchase agreement for approximately 13 acres of land and other relevant agreements should be considered by the City Council in the coming weeks, which would initiate the project in earnest. UMore Residential: Maplewood Development closed on the property and the subdivision agreement was approved. Maplewood is working with individual developers on the different housing types across of the property. Staff will work with the developers as those pieces move forward. Super America/Speedway: A hearing is scheduled for this month related to receivership, which would allow the court to appoint a person/company to care for the liability, assets and property etc. Project Osprey: 15401 Boulder Ave primary building foundation completed, wall panels expected end of February. Exterior utilities in progress. Scannell Project: Project is proceeding for final approvals of a proposed 500,000+ sf FedEx facility. Mr. Wish: A new business will be opening at 3420 150th St Suite 105. Plans are in for review of a bubble tea cafe. RFI and Inquires Housing: Staff met with 5 developers interested in multifamily sites in Rosemount. The developers are at various stages in the site process, but all are focusing on the high-density sites near the Akron/42 intersection. Commercial/Services: Staff met with 3 developers interested in retail projects. 2 users were interested in medical infill sites and 1 was a grocery anchor. Restaurant: Staff met with 2 restaurant users. One interested in existing tenant space and one interested in build to own. Industrial: Staff had 14 inquires or discussions regarding Business Park, UMore, and County Road 46/Hwy 3 sites. Notable updates include several inquires about revamping the old Sweet Harvest Building. Additionally, several users were specifically interested in sites with access to rail spurs. OTHER Expo: 41 spots have been filled with vendors. Staff is working on securing food trucks and children’s activities. Downtown Façade Grant: Five businesses have fully executed grant agreements. As mentioned at the December meeting, getting bids from contractors are proving to be the biggest hurdle in moving forward with projects, so staff is trying to be flexible with the timeline on façade improvements as many will likely be completed in 2022. One project has been completed and has submitted paid invoices. Small Area Plan Hwy 3/46: The City will be working with WSB to conduct a Small Area Plan (SAP) on the commercial guided properties adjacent to Highway 3 and North of County Road 46 to facilitate new business investment.