CCP 02-17-1994 - Laserfiche WebLink

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. . c:I'IT OF ARDEN HILLS ~ DATE : February 11, 1994 '11:): Dorothy Person, City ].Aninistrator FRCM: Brian Fritsinger, Canmmity Planning Coordinator@ stlBJECl' : Everest P"-U>^-'s<ll I rret with representatiyes of Everest Developnent again yesterday to discuss the Gateway Business District. I left this rreeting feeling very positiye and for the first tirre in several rronths, believe that serre progress was made. At this rreeting, the owner of the ccrnpany, Jeff Nielson, participated in the discussions for the first time. r am assuming he was also getting frustrated by the lack of progress in our meetings. The result of this meeting is that a proposal is being drafted by Everest which shculd be . presented within the week. M:Jst of our discussions focused on the change in approach by Everest. The proposal is expected to outline why Everest has requested a TlDre aggressive approach in this project. The key is marketing ability. I agree with their assessment as to the difficulty in marketing property with no illproverrents. In the carpetitive "'-Drld of developnent, it is difficult for Arden Hills to corrpete with other cities who haye illproyerrents ccmpleted fran beth a marketing and timing perspective. While I do not have the details of the proposal, I can frarre it fran our discussions. 1. At least t"'-D separate bend issues; one for illprovements and one for land acquisition. 2. Property will be under control of developer, through options or contract for deeds, prior to issuance of bends. 3. Guarantees on building construction (I expect a building to be proposed at the time the inproyement proj ect "'-Duld be undertaken) . 4. Bond issued on Land Acquisition will be placed in escrow and released only as parcels are developed. 5. Other controls such as letters of credit. .