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May 23, 2024 Page 3 2. Property Description and Background The Property consists of two parcels within the Arden Hills Corporate Center (the “Center”) located off Lexington Avenue just north of the Boston Scientific corporate campus. The Center is 16.6 acres and is made up of four parcels. Each parcel includes a building, access rights and dedicated parking. The buildings at 4293 and 4295 have historically served individual tenants but have a shared common wall. The Center is subject to a Master Planned Unit Development (MPUD) approved by the City in 2017. The Property and the Center are zoned I-1- Limited Industrial District and guided for Light Industrial and Office use. The MPUD governs the site plan including parking allocation between the parcels and stormwater at the Center. While we originally proposed rezoning the Property to I-Flex where schools are a conditional use, because the MPUD impacts all four buildings, rezoning would trigger a significant MPUD amendment and potentially require the 4255 and 4265 buildings limit their uses to those permitted within the I-Flex District. For this reason, we are interested in pursuing a text amendment to the I-1 District to conditionally allow for school and religious uses at the Property subject to use performance standards. No exterior changes to the Property are proposed. The current tenants of both buildings have elected not to renew their leases at this time. The School has entered into a non-exclusive letter of intent in order to conduct initial due diligence on the building and seek guidance from the City. Like many single purpose structures, office and industrial buildings can sometimes seem like challenging candidates for adaptive reuse. Although not every industrial or office space is suited for reuse or transition to an educational environment, this facility is uniquely compatible with the proposed interior redesign. Private schools, as a subset of the institutional real estate market, face significant challenges in finding available space for either new construction or conversion within the metro area. Schools risk losing enrollment if they relocate far from established facilities. The Property is served by significant parking capacity, has access to a major commercial corridor in Lexington Avenue and is benefited by existing residential homes within walking distance of the buildings, while being supported by extensive greenspace and Cummings Park. 3. Property Characteristics a. Site Design The School proposes to operate out of the existing buildings and utilize the current parking and access allocated to the Property. As depicted in the images below- the 4295 building benefits from an interior courtyard and architecturally inviting entrance. Exterior courtyard space links the two buildings. The School would benefit from this outdoor space and would like to see it used as an outdoor classroom or lunch area, but proposes to work with the surrounding office