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Home My WebLink AboutEDA March 6, 2007 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER,MN.US ECONOMIC DEVELOPMENT AUTHORITY MEETING March 6, 2007 6:00 p,m. Conference Rooms A & B AGENDA 1, Call to Order - 6:00 p,m, 2, Approval of Minutes (2/06/07 Regular Mtg,) 3, Letter of Intent (John Larkin) 4, Revised Proposal and Purchase Agreement (Nassau Builders) 5. Update on Economic Development Activities 6, Other Business 7, Adjourn @ 1685 CROSSTOWN BOULEVARD N,W, . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW,CI.ANDOVER.MN,US CC: Jim Dickinson, Executive Director TO: Economic Development Authority FROM: Vicki V olk, City Clerk SUBJECT: Approval of Minutes DATE: March 6, 2007 INTRODUCTION The following minutes were provided by TimeSaver Secretarial for approval by the EDA: February 6, 2007 Regular Meeting (Nowak: absent) DISCUSSION Attached are copies of the minutes for your review. ACTION REOUIRED The EDA is requested to approve the above minutes. Respectfully submitted, !l:Iv. U/L Vicki V olk City Clerk ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING FEBRUARY 6, 2007 - MINUTES A Regular Meeting of the Andover Economic Development Authority was called to order by President Mike Gamache at 6:00 p.m., Tuesday, February 6, 2007 at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota, Commissioners Present: Don Jacobson, Mike Knight, Julie Trude, Ken Orttel (arrived at 6:05 P,M,), resident member Joyce Twistol Resident member Robert Nowak Jim Dickinson, Executive Director Dave Berkowitz, City Engineer Will Neumeister, Community Development Director Others Commissioners Absent: Also Present: Aooroval of Minutes January 16, 2007 Commissioner Trude stated that on Page 3, Line 37 it should say "in addition to a restaurant so she wants to keep both sites for restaurants." Motion by Trude, seconded by Jacobson to approve the minutes of January 16,2007 as amended. Motion carried unaniniously, Public HearimyEDA Land Sales - Lot 1. Block 3. Andover Station North: Lot 24. Block 1. Parkside at Andover Station Motion by Trude, seconded by Jacobson to open the public hearing. Motion carried. Mr. Dickinson explained that State Statute requires that a public hearing be held so that the public knows we are selling the property, Commissioner Trude stated that she understands it's a land sale proposaL No one addressed the EDA regarding the sales. Motion by Jacobson, seconded by Trude to close the public hearing, Motion carried. Andover EDA Meeting February 6, 2007 - Minutes Page 2 Letter of Intent (Laura HeDDner) Mr, Neumeister explained that this is for Lot 4, Block 3, which is 72,000 square feet. The 12,500 square foot retail center will contain a dry cleaner. Gary Hugeback, representing Laura Heppner, noted that the offering price is $400,000, He indicated that the center would be designed and built as a condominium, Ms, Heppner has been operating a dry cleaner in Coon Rapids for 15 years, They are talking with a beauty salon and exercise operation and their intention is to get a restaurant on the end of the building,_ The spaces would be sold, not leased, President Gamache noted that the restaurant area is about 4,000 square feet and he asked how that compares with a Green MilL Mr, Hugeback stated they are between 4,000 and 5,000 square feet, Mr. Hugeback then presented the site plan to the EDA. Commissioner Trude stated that her concern is there are quite a few vacant buildings in the city now. Ms. Heppner explained that she does not want to be a landlord. The owners of the spaces will have a vested interest in the property, Commissioner Jacobson noted that in the contract it says they need to have a decision from the EDA by February 9, 2007. He asked why they are in a hurry. Mr. Hugeback indicated they would like to be under construction by summer, Commissioner Jacobson stated that he would like to keep the lot the way it is and keep looking for a restaurant. Commissioners Knight and Trude concurred with Commissioner Jacobson, Commissioner Orttel would like to see a restaurant there also but the lot has been sitting there for a long time. He asked Mr, Hugeback if there is a problem with the other site, Mr. Hugeback felt that the other site would be better for a restaurant. Commissioner Trude noted that once the Sheriff's building is up we're going to need a restaurant. Commissioner Jacobson stated that if they can get a restaurant to come into their retail center he would be willing to sell the property to Ms. Heppner. The EDA agreed with Commisssioner Jacobson. Commissioner Knight noted that he would rather see this as a sit-down restaurant site and look for a different location for Ms, Heppner's proposal. He felt that once Jay Street is paved the perspective would change, Andover EDA Meeting February 6, 2007 - Minutes Page 3 Mr. Hugeback asked if there is an alternate site the EDA could recommend. President Gamache suggested the site north of Mr. Rudnicki's site. Ms. Heppner stated that she needs to have visibility. Mr. Dickinson indicated that staffwould continue to work with Ms, Heppner and Mr, Hugeback to find other locations. He explained that the further north you go, the lower the price. Listinl! Al!reelIlentINorthstar Partners (Lot 1. Block 2. Andover Station North) Scott Kummel, represented Town Center. Halfway through the marketing process the builders were talking about pre-leasing. We had a good idea of what we wanted to see on the site but couldn't find a developer who wanted to take the risk. He stated that they don't want a lot of exclusions. This is now the middle of the construction season and they have to do some soils tests. There is no reason to have a due diligence clause in a purchase agreement. He noted they don't have any offers yet, but are confident they will. If they bring someone in it's 6%. If someone else brings someone in they will want more than 3%. Mr, Dickinson asked the EDA what percentage they would be willing to look at. Commissioner Knight felt that we could potentially be paying 8 or 9%. Mr. Dickinson stated that is correct. Mr. Kummel stated that if that is the only problem it can be dealt with when it comes up. Commissioner Jacobson asked why this didn't work in the first six months. Mr. Kummel explained that the builders didn't close on the property, They are asking for a chance to bring in a bona fide developer. The first thing the developers want to know is what type of activity is on the site, Commissioner Trude noted that the EDA would want to make sure anyone you bring in would be a suitable tenant. We have some limits on who you can sell to. Mr. Dickinson explained that there are some modifications that would need to be made in the agreement. NorthStar Partners are looking at a 6-month proposal. Commissioner Trude stated that on the marking end, we would be paying for the advertising and mail campaigns and asked that Mr, Dickinson really look at that, She also indicated that she would be willing to go more than 6 months, Andover EDA Meeting February 6, 2007 - Minutes Page 4 Motion by Jacobson, seconded by Trude that we authorize the Executive Director and President to negotiate out a marketing contract with a commission rate of 6% with an additional 3% ifit's brought in by an outside broker. Motion carried. Time Extension Request (Nassau Builders) Mr. Newneister explained that Nassau Builders has a purchase agreement calling for a closing on or before February 19,2007, They have requested a six-month time extension on the purchase agreement before they make the down payment money non-refundable. Motion by Jacobson, seconded by Trude to extend the contract for 6 months and if nothing happens in six months, the price will go up. Discussion: Mr. Newneister noted that if the day care falls apart they would like that site. That offer expires this week. Commissioner Twistol felt that the deposit should be non- refundable. However Mr, Newneister stated that if we do that, they will walk. Commissioner Jacobson withdrew his motion and Commissioner Trude withdrew her second. Motion by Jacobson, seconded by Trude to extend the contract for three months. At that point the refundable deposit becomes non-refundable, Motion carried, Uodate on Economic Develooment Activities Louis Rudnicki thanked the EDA for the opportunity to move to Andover, Motion by Jacobson, seconded by Twistol to adjourn. Motion carried. Meeting adjourned at 6:59 p.m. Respectfully submitted, Vicki V olk City Clerk CITY OF NDOVE @ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Directo Will Neumeister, Director of Community evelopmentUJ:iv- FROM: SUBJECT: Letter of Intent (John Larkin) DATE: March 6, 2007 INTRODUCTION The EDA is asked to review the newest "Letter ofIntent" from John Larkin. He indicates that he would like to purchase the lot directly east of the ball fields and build a tip up panel structure to be home to his MVP baseball training academy as well as a gymnastics training facility. The site plan shows that he would build at least 26,400 square foot of building in the first phase. They would like to have an outdoor practice hitting area, The site plan may need to be slightly adjusted and that can be dealt with during the site plan review process. This will be needed to avoid the 200 foot setback from the WDE landfill (should he ever want to expand the building to 52,000 square feet). Please review the attached document to understand what Mr Larkin is proposing to construct at Andover Station North. Mr. Larkin will be at the EDA meeting to make a presentation to the commissioners on his proposal. The staffis supportive of his proposal as the land price is comparable to what the land appraisal indicates the site is worth. Please recall that the building will need to be constructed to have special monitoring and venting systems to meet the MnPCA's requirements as it is within 500 feet of the WDE landfill. This enters into the price Mr. Larkin is willing to offer on the land purchase, ACTION REOUESTED Please allow Mr. Larkin to make a short presentation at the meeting and consider his proposal to buy one of the lots at Andover Station North to build a ball training facility (Lot 1, Block 1, Andover Station North). Respectfully sUbmitt~ Will Neumeister to Attachments INTENDED USE PROPOSAL Andover Economic Development Authority c/o Mr. Will Neumeister, Director of Community Development City Of Andover, Minnesota 1685 Crosstown Blvd. Andover, Minnesota, 55304 RE: Possible purchase and intended use of, Lot # 1 in the Andover Station North business development. To Whom It may Concern: My name is John Larkin and My associate is Mr. Joe Ruhland. We have formed a new venture called: MVP Sports Academies Inc. This is a licensee Facility of MVP baseball/softball, a national organization. The services we plan on offerine: at this point will include: . Hitting & Pitching Leagues, for both Baseball & Softball . Focused Individual baseball and softball Instruction . Pitching and Hitting Clinics, & Camps . Coaching and Mentoring workshops (with the availability of coaching suites) . Sponsoring Local Tournaments . Conditioning (BERST) boot camps and training . Individual & Group Golf Instruction by a PGA teaching pro . Leadership and Positive Attitude Training . Indoor Practice facility adaptable to any team sport (Available to the Community) . Indoor and Outdoor monitored Batting cages . Young Athlete Parenting Seminars and Training As Joe would say," You are what you repeatedly do... Then excellence becomes habit" Property use and Buildine: requirements. Our current plan for the 4.31 acre usable area would include a large open structure to be used as a practice and training space for sports teams, (baseball, football, soccer, lacrosse, etc). This would be adjacent to a series of indoor batting cages for walk-in batting practice and 2 to 4 individual instruction cages for specialized hitting and pitching instruction. These individual cages would include 4-point video analysis and a room or viewing area attached to each space. We would also like to include outdoor monitored batting cages for the warmer months, -2- probably on the north side of the property. We are currently Working on a layout of approximately 26,400 S.F. with an addition of 26,400 S.F. more, We hope to raise the funds to build the entire facility in one shot, Please refer to the drawing attached. It is our hope to finalize any and all approvals very soon so we can secure financing ASAP. We would like to break ground in the spring. We have a lot of support from many different athletic organizations in the area. We hope to find ways to support and help all of them, We truly believe that this is an opportunity to change Andover into a leader of Athletic & Life Skills Training for today and the future. I believe a facility like this would be a good anchor for the area. Property Purchase Proposal We would like to submit this offer based on usable space, easement allowances, and contingent on a final plan, purchase agreement, and being able to secure adequate financing. 4.31 Acres 187,892 Square Feet x $2.50 = $469,730.00 (buildable area) 2.54 Acres 110.467 Square Feet x $1.00 = $110.467,00 (Propertv in easement) The total would be: $580,197.00 (This is contingent on bank and financing approvaL) About us Joe and I each have a long history in baseball and with coaching. John Larkin I had played division 1 College baseball in southern California and Colorado. And I have played ball and coached in the Mens Senior Baseball League for 10 plus years, and one year of Town ball on a traveling team here in Minnesota. I currently own and operate a Security Systems business for nearly 11 years, so I understand the commitment it takes to tackle such a project as this, My backround includes a degree in architectural design and engineering, general contracting, and many years in the security business, I have been a volunteer firefighter here in Andover for 4 plus years. Joe Ruhland Joe previously was recruited by Medtronic to work with Cardiologist and Sales Leadership to increase revenues and improve their overall effectiveness in the medical industry, hence his return to Minnesota in 1998. His previous background included -3- working with New York Rangers organization in P.R. & Media Relations and he consulted with Team USA Hockey as performance improvement expert. In 2005, Joe started his own consulting company, implementing his motivational sports background with his rich experience in the medical device industry. Over the past year, Joe has partnered with Bill George, former Medtronic CEO, Anne Bancroft and Lance Armstrong to deliver impactful and successful workshops around the country. His clients include, Medtronic, St. Jude Medical and AMS just to name a few. He sets a tempo for success in everything his is involved with and creates a level of excitement that can best be compared to as "momentum" in the sports world. . Joe's approach includes practice and scheduling balance, positive response, and realistic goal setting. The programs Mr. Ruhland has developed will be an integral part of our format, and teaching principals. The positive attitude is the only attitude. In Conclusion We look forward to meeting with the Andover Economic Development Authority, So we can further outline our plan and answer any questions The Authority may have. 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WWW.CI.ANDOVER,MN,US cc: EDA President and Board Membe~ --- Jim Dickinson, Executive Director G Will Neumeister, Community Development Director ~ TO: FROM: SUBJECT: Revised Proposal and Purchase Agreement (Nassau Builders) DATE: March 6, 2007 INTRODUCTION Andy Stoner (Nassau Builders) has verbally indicated that he would like to enter into a purchase agreement for all of Lot 24, Block 1, Parkside at Andover Station (see drawing). He feels thaUhe entire site would support multiple office buildings. Based on direction at the last EDA meeting, the proposed purchase agreement has been amended to allow a three month time extension (with a refundable down payment) and an additional three months to perform their due diligence provided they make the down payment non-refundable. ACTION REOUESTED The EDA is asked to discuss and determine if they will allow Nassau Builders to have the option to develop the entire lot for office development and amend the purchase agreement to enable them to develop the entire lot. Respectfully submitted, ~ Will Neumeister Attachments Amended Purchase Agreement Drawing of Lot 24, Block 1, Parkside at Andover Station Minutes of February 6, 2007 EDA meeting PURCHASE AGREEMENT 1. PARTIES. This Purchase Agreement is made on , 2007, by and between Andover Economic Development Authority (AEDA), a body corporate and politic, 1685 Crosstown Boulevard NW, Andover, Minnesota, Seller and Nassau Builders, Inc. a Minnesota corporation, Buyer. 2. OFFER/ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real property legally described as follows: Lot 24, Block 1, Parkside at Andover Station, Anoka County, Minnesota ("Property"). 3. PURCHASE OF LOT WITH BUILDING OR VACANT LOT. (Check paragraph that pertains.) A. Buyer is purchasing the lot with an existing building. x B. Buyer is purchasing a vacant lot. 4. PRICE AND TERMS. The price for the real property included in this sale: Thr e Hundred Sixty Five Thousand Four Hundred Sixty Four and no/100 Dollars ($365,464.00) which Buyer shall pay as follows: Earnest money of Five Thousand and no/100 Dollars ($5,000.00) by check, receipt of which is hereby acknowledged, and Three Hundred Sixty Thousand Four Hundred Sixty Four and 00/100 Dollars ($360,464.00) cash on or before May 19, 2007 DATE OF CLOSING. The purchase price is based on a site estimated to be 91,366 square feet of gross usable area (exclusive of the triangular area at the northwest corner of the parcel which is not considered to be usable). The price herein represents a net per square foot price of $4.00 ($3.64 per square foot for property inclusive of all assessments/area charges and $0.36 per square foot for park/trail dedication fees). After the survey of the property is completed by the AEDA as required in paragraph 8 herein and the actual gross square footage of the site is known, the price shall be adjusted to reflect the change in land area based upon the square foot price set out in this paragraph. Net square footage is defined as the gross area minus the unusable triangular area at the northwest corner of the parcel. 5. CONTINGENCIES. Buyer's obligations under this Purchase Agreement are contingent upon the following: (a) Seller shall permit Buyer, at Buyer's expense, to enter the Property to conduct investigations and testing and Buyer shall be completely satisfied with the environmental and soil conditions of the Property. 1 (b) Buyer shall have obtained all zoning, land use, signage, watershed, environmental and other governmental approvals and permits Buyer shall deem necessary to use the Property in the manner contemplated by Buyer, including, without limitation, a full building permit for a building conforming to Seller's design standards which Buyer determines can be built for a price acceptable to Buyer, and economic viability of the project, in Buyer's sole discretion. (c) Buyer shall have determined that the roads, utilities, points of access and other infrastructure serving the Property will be adequate for Buyer's purposes. In the event any of the above contingencies have not been satisfied or waived by Buyer on or before the date of closing, this Agreement shall be voidable at the option of the Buyer. If Buyer requests that Seller extend anyone of the contingencies by an additional 3 months, the earnest money will still be applied to the final purchase price, but shall become non-refundable if the Buyer does not purchase the property. 6. DEED/MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a Warranty Deed conveying marketable title, subject to: A. Building and zoning laws, ordinances, state and federal regulations; B. Restrictions relating to use or improvement of the property without effective forfeiture provisions; C. Reservation of any mineral rights by the State of Minnesota; D. Utility and drainage easements which do not interfere with existing improvements. E. Declaration of Covenants filed by the Andover Economic Development Authority. F. Restrictive covenant described in paragraph 21 herein. 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS, Real estate taxes due and payable in and for the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual DATE OF CLOSING. SELLER SHALL PAY on DATE OF CLOSING all special assessments for street, storm sewer, sanitary sewer, water main and water area charges levied as of the date of closing. BUYER SHALL PAY real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith and thereafter. Seller makes no representation concerning the amount of future real estate taxes or of future special assessments. 2 8. SELLER'S OBLIGATIONS. (a) Seller warrants that there has been no labor or material furnished to the property in the past 120 days for which payment has not been made. Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the property. These warranties shall survive the delivery of the warranty deed. (b) SELLER shall provide a survey of the property reflecting boundary lines, topographic indications, subdivision, easements, restrictions and other matters customarily reflected in a survey of real property. (c) SELLER shall cause all oftsite utilities, storm drainage, street lights and paving to be constructed, if not already completed, necessary to serve the property at Seller's expense. Such obligation shall not include the sanitary sewer and water connection charges. Said charges shall be the responsibility of the Buyer. (d) SELLER shall deliver the property with all mass grading completed. 9. BROKERAGE. Seller acknowledges Devon Walton, of RE/MAX Associates Plus, Inc. as Buyer's agent for Nassau Builders, Inc. Seller agrees to pay RE/MAX Associates Plus, Inc. a fee of five percent (5%) of the gross sale price upon successful closing of the transaction. Both parties represent that they have not dealt exclusively with any other agenUbroker in connection with this transaction and agree to hold each other harmless for any claims arising from any other brokers. 10. BUYER'S OBLIGATIONS. (a) BUYER will provide a preliminary site plan on or before March 19, 2007 for approval by the City of Andover. (b) BUYER will provide a final site plan to the City on or before April 19, 2007 for approval by the City of Andover. (c) BUYER shall construct a building upon the property which is in substantial conformance to the building identified in attached Exhibit A. Buyer's obligation shall survive the closing on this transaction. (d) Buyer acknowledges that it has had (and will have) an adequate opportunity to inspect the Property and, upon closing the transaction contemplated by this Agreement, shall be deemed to have accepted that Property in "AS IS" and 'WHERE IS" condition with any and all faults. Seller hereby disclaims all warranties, whether oral or written, express or implied, as to the Property's merchantability, fitness for a particular purpose, condition, type, quantity or quality. 3 11. DISCLOSURE OF NOTICES. Seller has not received any notice from any governmental authority as to violation of any law, ordinance or regulation. If the property is subject to restrictive covenants, Seller has not received any notice from any person as to a breach of the covenants. 12. POSSESSION. Seller shall deliver possession of the property not later than DATE OF CLOSING. 13. EXAMINATION OF TITLE. Seller shall, within a reasonable time after acceptance of this Agreement, furnish an Abstract of Title, or a Registered Property Abstract, certified to date to include proper searches covering bankruptcies, State and Federal judgments and liens. Buyer shall be allowed 30 business days after receipt for examination of title and making any objections, which shall be made in writing or deemed waived. 14; TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention of make title marketable within the 120 day period. Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing shall not delay the closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the closing shall be postponed. A. If notice is given and Seller makes title marketable, then upon presentation to Buyer and proposed lender of documentation establishing that title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled closing date, whichever is later. B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer may declare this Agreement null and void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Buyer. C. If Seller does not give notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made marketable due to Seller's failure to proceed in good faith, Buyer may seek, as permitted by law, anyone or more of the following: (1) Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable 4 attorney's fees from Seller as permitted by law (damages under this subparagraph (a) shall be limited to the cost of curing objections to title, and consequential damages are excluded); or, (b) Undertake proceedings to correct the objections to title; (2) Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest money paid hereunder shall be refunded to Buyer; (3) Damages from Seller including costs and reasonable attorney's fees, as permitted by law; (4) Specific performance within six months after such right of action arises, D. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: (1) Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; (2) Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. E. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: (1) Seek damages from Seller including costs and reasonable attorneys' fees; (2) Seek specific performance within six months after such right of action arises. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 15. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at paragraph 1 above and, if mailed, are effective as of the date of mailing. 5 16. MINNESOTA LAW. This contract shall be governed by the laws of the State of Minnesota. 17. WELL AND FUEL TANK DISCLOSURE. Seller certifies that the Seller does not know of any fuel tanks or wells on the described real property. 18. INDIVIDUAL SEWAGE TREATMENT SYSTEM DISCLOSURE. Seller certifies that there is no individual sewage treatment system on or serving the property. 19 . PAYMENT OF CLOSING COSTS. Each party will pay closing costs which are normally allocated of Buyers and Sellers in a real estate transaction. 20. PARKlTRAIL DEDICATION FEES. Seller shall be responsible for payment of all park/trail dedication fees due the City of Andover for development by Buyer of the Property. 21. RESTRICTIVE COVENANT. Seller and Buyer agree that at the time of the closing, they will execute a restrictive covenant to be recorded against the property described herein which requires the Buyer, its successors and assigns to construct a "vapor barrier" under any building that is constructed upon the Property. Said restrictive covenant shall also include a provision that prevents any new wells from being bored or drilled on any of the Property. The Andover Economic Development Authority agrees to sell the property for the price and terms and conditions set forth above. I agree to purchase the property for the price and terms and conditions set forth above. SELLER: BUYER: ANDOVER ECONOMIC DEVELOPMENT AUTHORITY By: NASSAU BUILDERS, INC. By: Its: Michael R. Gamache, President By: James Dickinson, Executive Director 6 I~:.;C:;~\ ;;~.. :<...~.:-.,~. -. .:"";i;~ ".,'/~::~,\,-, ~ J{t\:;. ~"'}::~1~:G~~::<:::" i.:" . ,,,''''h..,'' ''-,. " . _". "-'''_. "'" 'A "". ,,,",,,.... . ." ...... .. '-"'" ,'........ 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I',. /' ,'.I ./ I /_,p"RI:~~}:W /k,i j.._ '<,".', , -4 <..'- ,:;, / // ! - / ~'/' -' /> '/ d " ''''.0. , (<~:::, //Ai;c'" / /...-:;. _,-' L~~:/Y r :~",;" /1 /4 /p ,,/ /' ': ,44.,\', ,.'1 f.,=_ i(""."f",' AA::,/~,.,~:::, :';>f' ,,.f<~:; :,;>/'" /' / f,,',~'~.'~IL , , / < ",~ " '!,,, "t '/ ;'/ / ?"" // .... / ''':'~'':!i~~>//,;;;;A ",>,/ / "~)~/.... /,' ,/' , ',:,~, -. _ - /:"".';~,_":,, :r_.~",.-:-,<','.~, {.;';', '\ :, ",'.,__:/y';"1f.;.; / ,,/ ,', , "C,W,'> ;'[3~E,/, / "~'::, :~~~~:" / -. ,,-..,;:- ,/'"' ---"" /' ,/' ~ , '--, ..,/ ~ , /,'--:',:.- .'~.' -, . "-' /: /;' ~.'~1' ,I ! ~~"'J', ',.,,,"- .--- .. / \; "/:/:.)",,,,' ' ; , ir~ " ,,',/ //0;~,'i:r.}j;:' ,:-'-;, {:-r;. ."::':'. "'. ~I!) .'1', ~-;h '" o U) , , .-',....J, ',('.. ,',;. / '.;' Fi~J;;':~:' /h"',// / / i-- survey were ut:liHes on. th wlJ~ requested 'IOlE: Undc.r<:lr~u;~€.j in t~.c ",~el~:)__1a_06 and ~ol phYSlco.l:! 60665564 l]a~O_23_C6. ::>'~r ~k;k<"l 6~677585 00[....1 , tiCkfttr:o. . '" I(Q o ~ I:~ -0-"0<' .~.Q",b -I::" -~ --.alQ--- -- ~ II, --,,; "::"'VI "" -.> "10, _.<~~> , '~?;~7f~,::, './",.'" ' , ,.. / ,- / /.f. /,(" /,-,,':/ /- ,~//,';. ,,(' ..'~.o;.Y /";1 ',. ,/ :/ Andover EDA Meeting February 6, 2007 - Minutes Page 4 Motion by Jacobson, seconded by Trude that we authorize the Executive Director and President to negotiate out a marketing contract with a commission rate of 6% with an additional 3% if it's brought in by an outside broker. Motion carried. .. Time Extension Request (Nassau Builders) Mr. Neumeister explained that Nassau Builders has a purchase agreement calling for a closing on or before February 19,2007. They have requested a six-month time extension on the purchase agreement before they make the down payment money non-refundable, Motion by Jacobson, seconded by Trude to extend the contract for 6 months and if nothing happens in six months, the price will go up, Discussion: Mr, Neumeister noted that if the day care falls apart they would like that site. That offer expires this week, Commissioner Twistol felt that the deposit should be non- refundable. However Mr. Neumeister stated that if we do that, they will walk. Commissioner Jacobson withdrew his motion and Commissioner Trude withdrew her second. Motion by Jacobson, seconded by Trude to extend the contract for three months. At that point the refundable deposit becomes non-refundable, MotiOl1 carried, Uodate on Economic Develooment Activities Louis Rudnicki thanked the EDA for the opportunity to move to Andover. Motion by Jacobson, seconded by Twistol to adjourn. Motion carried, Meeting adjourned at 6:59 p.m. Respectfully submitted, Vicki V olk City Clerk @ 1685 CROSSTOWN BOULEVARD N.W, . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW,CLANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Director FROM: Will Neumeister, Community Development Director ~ SUBJECT: Update on Economic Development Activities DATE: March 6, 2007 INTRODUCTION This memo is provided as a status update for all the economic development activities related to Andover Station North that the City staff have recently been engaged in. DISCUSSION The following is the update on activities: Rudnick's Retail Building - Mr, Rudnicki's building now has a dance studio and a veterinarian, The dry cleaner that wants to go into the building has applied to the City for a Conditional Use Permit and that will come before the City Council on March 20, 2007 for consideration. Bruggeman Homes - The townhomes are getting a "walk through" by about twenty individuals each weekend during the "Parade of Homes". Except for the first two units they sold around Christmas, they haven't gotten any new units committed to buyers as yet. Funeral Home Proposal- They are preparing a commercial site plan. The closing date will be on or before March 27,2007. Day Care Proposal- The deal is officially dead. The down payment has been returned to Tracy Sonterre, NBI Office Development - They are asking to amend the purchase agreement as indicated in the report to the EDA. MVP Baseball (John Larkin) - The newest letter of intent is before the EDA. Light Industrial Building (Dynamic Sealing Technologies) - They have been working with staff and the City Attorney to refine the purchase agreement. ACTION REQUESTED This is an informational update to the EDA only, no action is needed. Respectfully submitted, Will Neumeister .~