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HomeMy WebLinkAboutEDA January 15, 2008 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923. WWW.CI.ANDOVER.MN.US ECONOMIC DEVELOPMENT AUTHORITY MEETING January 15, 2008 6:00 p.m. Conference Rooms A & B AGENDA 1. Call to Order - 6:00 p.m. 2. Organizational Items 3. Approval of Minutes (1/2/08 Regular Mtg.) 4. Letter of Intent Review (MBG Holdings, LLC) 5. Bunker Lake Boulevard Medians 6. Update on Economic Development Activities 7. Other Business 8. Adjourn @ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923. WWW.CI.ANDOVER.MN.US TO: EDA President and Commissioners FROM: Jim Dickinson, Executive Director SUBJECT: Organizational Items DATE: January 15, 2008 INTRODUCTION At the January 2nd City Council meeting, the Council reappointed the current EDA resident members to a new term. The terms for resident member commissioners are six (6) years. DISCUSSION Attached is a draft copy of the Council minutes documenting the reappointment of the resident members Robert Nowak and Joyce Twistol. ACTION REOUESTED The City's Deputy City Clerk, Michelle Hartner, will administer the oath of office for the EDA resident members in attendance. L Regular Andover City Council Meeting \)\(\Q\- Minutes - January 2, 2008 Page 6 1 2 3 SCHEDULE COMMISSION INTERVIEWS 4 5 The Council is requested to set up interviews with residents who have submitted applications for 6 the various commissions that have vacancies. 7 8 Motion by Trude, Seconded by Jacobson, to reappoint the Community Center Business 9 Representative, Mike Quigley; and EDA residents, Robert Nowak and Joyce Twistol, for new 10 terms. Motion carried unanimously. 11 - 12 Motion by Trude, Seconded by Jacobson, to schedule interviews on Thursday, January 10,2008 13 at 7:00 p.m. Motion carried unanimously. 14 16 SCHEDULE EDA MEETING 17 18 Motion by Jacobson, Seconded by Knight, to schedule an EDA meeting for Tuesday, January 15, 19 2008 at 6:00 p.m. Motion carried unanimously. 20 21 22 ADMINISTRATOR REPORT 23 24 City Administrator Dickinson updated the Council on the administration and city department 25 activities, meeting reminders, and miscellaneous projects. 26 27 City Engineer Berkowitz updated the Council on road improvement projects in the City. 28 29 Community Development Director Neumeister updated ~e Council on development activity in 30 the City. 31 32 33 MAYOR/COUNCIL INPUT 34 35 (Foreclosed Homes and Property Taxes) - Councilmember Orttel stated with all the foreclosures 36 going on, when a house is in foreclosure and the taxes are not being paid, the City does not get 37 their revenue. Mr. Dickinson stated they only get that through the delinquent processing of taxes. 38 Councilmember Orttel stated his concern was in the past they were building a few hundred 39 homes a year and now it is less than one hundred and in 2008 they could have several hundred 40 homes that will not be paying taxes because of the foreclosures, which will hurt the City. Mr. 41 Dickinson stated one thing he has found is when the mortgage companies do take them over, the 42 taxes get paid. 43 44 (Ice Skating on Drainage Ponds) - Councilmember Orttel stated he received an inquiry about @ 1685 CROSSTOWN BOULEVARD NW. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: Economic Development Authority CC: Jim Dickinson, Executive Director FROM: Vicki V olk, City Clerk SUBJECT: Approval of Minutes DATE: January 15,2008 INTRODUCTION The following minutes were provided by staff for approval by the EDA: January 2, 2008 Regular Meeting DISCUSSION Attached are copies ofthe minutes for your review. ACTION REOUlRED The EDA is requested to approve the above minutes. Respectfully submitted, (tL. ()d, Vicki V olk City Clerk 1 2 3 4 5 6 ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING 7 JANUARY 2, 2008 - MINUTES 8 9 10 A Meeting of the Andover Economic Development Authority was called to order by President Mike 11 Gamache, January 2, 2008, 6:00 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, 12 Andover, Minnesota. 13 14 Present: President Mike Gamache, Commissioners Don Jacobson, Mike 15 Knight, Ken Orttel (arrived 6:02 p.m.), Julie Trude, Voting 16 resident members Robert Nowak and Joyce Twistol 17 Absent: None 18 Also present: Executive Director, Jim Dickinson 19 Community Development Director Will Neumeister 20 City Engineer Dave Berkowitz 21 Others 22 23 24 APPROVAL OF MINUTES 25 26 December 4, 2007 Regular Meeting: Correct as written. 27 28 Motion by Jacobson, Seconded by Knight, approval of the Minutes as written. Motion carried 29 unanimously. 30 31 32 ORGANIZATIONAL ITEMS 33 34 35 Motion by Trude, Seconded by Gamache, recommending the City Council reappoint voting 36 resident members of the EDA, Joyce Twistol and Robert Nowak for another term. Motion 37 carried unanimously. 38 39 Motion by Jacobson, Seconded by Knight, to approve the officer positions; they will remain the 40 same. Motion carried unanimously. 41 42 43 PURCHASE AGREEMENT TIME EXTENSION (MVP BASEBALL - JOHN LARKIN) 44 45 Mr. Larkin stated his investor backed out. There is a new investment group that is interested in 46 the project. Mr. Larkin is requesting a 30-60 day extension. 47 48 Motion by Orttel, Seconded by Trude, to extend the purchase agreement 60 days. Motion carried Andover Economic Development Authority Meeting Minutes - January 2, 2008 Page 2 1 6 ayes and 1 nay (Jacobson) vote. 2 3 4 REVIEW PURCHASE AGREEMENT (GRIFFEN BUSINESS HOLDINGS) 5 6 Mr. Neumeister discussed the changes of the purchase agreement that Mr. Nagwani has 7 requested. 8 9 Commissioner Jacobson would like Mr. Nagwani to explain why he would like certain 10 businesses to be excluded from the property adjacent. 11 12 Mr. Nagwani stated the licensing for a daycare center has limits on how close a liquor store can 13 be to a school. He's also concerned about the potential pollutants generated from a dry cleaning 14 processing plant and printing facilities. 15 16 The city ordinance regarding how close a liquor store can be to a school was discussed. 17 18 Mr. Neumeister stated Mr. Nagwani would like to close within six months. 19 20 Commissioner Trude would like the purchase agreement to state that closing would be within 90 21 days of the signed purchase agreement. If the closing does not take place in 90 days the buyer 22 would need to provide the seller with proof of financing for the project. 23 24 Mr. Nagwani would like 120 days from the signed purchase agreement. He would like to have 25 the building ready by the time school starts. 26 27 The shared parking lot was discussed. 28 29 Motion by Trude, Seconded by Knight, to have staff move forward drafting the agreement with 30 closing in 120 days. Extensions will only be given if proof of financial viability is produced and 31 with the additional use restrictions. Motion carried unanimously. 32 33 AREA IDENTIFICATION SIGNS (ANDOVER STATION NORTH) 34 35 Mr. Neumeister stated at this time details need to be finalized in order for construction to be done 36 in the spring. 37 38 Commissioner Orttel suggested getting quotes from a bricklayer for the base and a sign company 39 for the sign portion to save on the cost. Mr. Neumeister agreed. 40 41 Mr. Dickinson stated the EDA could act as the general contractor. The association would be 42 responsible for the maintenance of the signs. 43 44 Mr. Neumeister stated at the next meeting staff will have a modified proposal and price quote. Andover Economic Development Authority Meeting Minutes - January 2, 2008 Page 3 1 2 UPDATE ON ECONOMIC DEVELOPMENT ACTIVITIES 3 4 Mr. Neumeister updated on the following: 5 6 Retail Building - A realtor is still working with a client interested in expanding the Rudnicki 7 building. He also has a restaurant interested in the lot north of the bank. 8 9 Tasty Pizza - A letter was sent stating the purchase agreement is dissolved. 10 11 LEGISLATIVE RESEARCH UPDATE 12 13 Mr. Dickinson stated he talked to the County, Association of Minnesota Counties, Association of 14 Metropolitan Cities and the League of Minnesota Cities. At this time a bill will not be going to 15 the legislature this session. 16 17 18 Motion by Jacobson, Seconded by Knight, to adjoum. Motion carried unanimously. The meeting 19 adjourned at 6:56 p.m. 20 21 Respectfully submitted, 22 23 Michelle Hartner, Recording Secretary 24 (3) 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 Direct FROM: Will Neumeister, Director of Community Development ~L SUBJECT: Letters ofIntent (MBG Holdings, LLC) DATE: January 15,2008 INTRODUCTION A "Letter of Illtent" has been received related to purchasing property in Andover Station North. See attachment. The buyers will be at the meeting to explain their proposal to build a restaurant on the lot located north of First Regions Bank. They are offering a price of $5.00 per square foot with a request for a 3% commission to the agent involved. ACTION REQUESTED The ED.A is asked to allow the buyers to make a short presentation at the meeting. The EDA is then asked to review/discuss the letter of intent and provide staff direction on whether there is interest in preparing a purchase agreement on the parcel with MBG Holdings. Respectfully submitted, ~ Will Neumeister Attachment Letter of Intent Location Map Mr. Will Neumeister City (If Andover, :MN 1685 Crosstown Blvd. N. W. Andover, MN 55304 RE: Purchase of Lot 4 Blodt 3 Andover Station North. Dear Mt. Neumeister: This is a proposal for the purchase of Lot 4 Block 3 Andover Station North from the city of Andover, MN and its subsequent development into a full service sit down restaurant. 1. SELLER: City of Andover, MN 2. BUYER: MBG Holdings LLC. 3. LEGAL DESCRIPllON: Lot 4 Block 3 Andover Station North.. 4. PRICE: $336,785 Three Hundred Thirty Six Thousand StWen Hundred Eighty Five ..d 001100 DoDan Or $5.00 a square foot for approximately 67,357 square feet. 5. CLOSING: Closing shaIl be on or before April I st, 2008 with COnstruction to begin immediately. At closing, seller shall convey a marketable fee title free of all leases, mortgages and other encumbrances and restrictions. 6. TAXES AND ASSESSMENTS: All taxes shall be prorated as of the day of closing. The property shall be delivered by SELLER free of any special assessments. 7. BROKERAGE: Sener to pay 3% representation fee to Pentagon Real Estate Group upon successful closing. 8. INTENDED USE: The parties acknowledge that the intended use of the property would be used to construct an approximate 7,000 square foot restaurant with fun service bar with a family atmosphere. ~hitecture would be per City of Andover, MN requirements. 9. CONDffiONS PRECEDENT TO CLOSING: Buyer shall agree to or receive from the city of Andover, MN the following: A. Approval ror the construction of a restaurant. B. Approved preliminary plat, final piat (at City of Andover's expense). Proposed preliminary site plan and elevation approval. C. Approval for on sale liquor license. 10. CONFIENTIALITY: Each of the panies( and their respective agents and representatives) will keep the existence and terms oftbe letter in strict confidence . both before closing. 11. NON-BINDING; Each of the parties acknowledges that this is a Letter of Intent and shall be not be binding until a written Purchase Agreement is executed by both parties. Please acknowledge your acceptance of this Letter of Intent by signing and returning by mail or filx.. Thank you for your assistance in. the process and your favorable response fur the proposed USe. Sincerely, f)~ -- Detrick Johnson Representative ofMBG Holdings LLC. Acknowledged this day of .2008 City of Andover, MN By: Printed: Title: I~ I , ~ 3 r I~ 2 - c !;:; . 1"" 88.399 sq.ft. , 109.596 sq.ft. I 2.03 acres kJ. I 2.52 aeres I 3 ~~~ I " VA6..4tttu=~ I I :)~ I ._~U" -~Oi __c ...fIlI2=- ~ -"< ._~ . '" :I- san7'SO-E ~~ ~~ 283.3l.. _ _ _ _ _ ------ . ....,.. ~ - 358.74 40 "NO(;:'fiFp"IN7..~~' -- . -.. 5 t- "J/t\f;r'UVL.,"""_ 40 I I ...... . 655.14 er Lake Boulevard 0 -------Street and UWty Easement ~'8'31.E Per Doc. No. fT'('1388 --__, . 0 - ~ BUNKER"'LAKEEOULEVARD~STATEAlDHIGHWAYNO~\ 1161 10 .... f I 716.21 I - I I", N89 V4 '37nW . / I ^ I('C' ! ;: 81""\1 II C' I ^ Df""\ (""1""\1 1 / L."r '\L I I ....VVL.L V "I \U vVV I \......L_s: Une of the SEl/'" of file NET,{'" of StJe. J4, r. J2. R. 24 , ,----- sw. Cor. of file SEl/.f. ~ the NE1/4 of See. 34, r..]2. 2.f. - ~J T ~ I ~ )- Ld . "- <( u::: I I 1 '"" -,,1-- I P^""<'^""'" I (/1 I nl'lI'VI'III' <>n , .. ~.,~.. -. " 'il , : if' .~,~ ," ~n ""~> Ii !',' , . j. . it'\- "'~ . ~l ~. l ,-1" , I-"'t ~ 'f' , . ~. . ';t. " ~, ~, ,~ ,~ '" ~ f, ~..2--f -, <-".. :;, f t~ ~\ " ~ f~' ~:~ 'pf::'&; k' /',- ~,,~, ~ "';',~ ~,~,. ~1'" '. ,~ <~~ ';~(J "., -, '. '1 r ,,r,.;' iI"",- @ 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 Members CC: Jim Dickinson, Executive Director FROM: Will Neumeister, Director of Community Development wet- SUBJECT: Bunker Lake Boulevard Medians DATE: January 15,2008 INTRODUCTION Staffhas received a detailed quote from Prairie Restorations to do the seeding and plantings on the Bunker Lake median. There are a few items beyond those identified in the proposal that will be additional costs to implement the program (i.e. traffic control, periodic mowing and weeding for 2- 3 years, irrigation system repairs). All the work in the proposal would be done in the spring of 2008. DISCUSSION The proposal identifies that the ends of the two large medians will have small plants or plugs of a variety of wildflowers. These areas would be about 100 square feet in area and add some color and interest and then Prairie Restorations would also seed the medians with "Little Bluestem ", "Junegrass ", or "Side Oats Gramma ". These grasses would be planted in the medians as described in the proposal. They plan two applications of broad leaf herbicides to do a total kill of all the weed seeds that are in the soil. They also plan to do a straw erosion blanket to protect the seedlings and enhance germination. ACTION REQUESTED With the cost estimate in hand, the EDA is asked to approve authorizing the Executive Director to sign the proposal to move this towards implementation in early spring 2008. Respectfully submitted~ Will Neumeister Attachment: Cost Estimate From: Bob Rowles [bob.rowles@mickman.com] Sent: Monday, January 07,200812:13 PM To: Will Neumeister Subject: FW: Bunker Lake Boulevard Medians Will, Please review Prairie Restorations proposal. There proposal is fair and reasonable for the added materials and service. In addition to this there will need to be an irrigation allowance to bring system back to peak performance. Road closure cost and set up will be the the responsibility of the City of Andover. Bob Rowles Certified Landscape Professional Client Development Mickman Brothers, Inc. 14630 Hwy. 65 Ham Lake, Mn. 55304 763.413.8289 Office 763.413.8302 Fax 612.812.8628 Mobile bob.rowles@mickman.com .................__H_..hHH.H............_....._....._.....................___.......H.......____.........._.................. __._....__..........H......_........ .........._...n._..n ....___....._..._.._.._._..________..._........_.._....-....... . ." ..........__................__..........._.__........__...H._..._....... .._............__.._......_._...,,_....__......._.__........__ - - From: Josh Richardson [mailto:jrichardson@prairieresto.com] Sent: Friday, December 07,20072:57 PM To: 'w.neumeister@ci.andover.mn.us' Subject: Bunker Lake Boulevard Medians Hi Will, Thanks for the opportunity to provide a proposal for the Bunker Lk Blvd Medians. I think the plan we have worked out in our past few discussions is a good, realistic approach. It will never be a zero maintenance site, but I think native grass plantings will look great and the maintenance they will require will not be highly labor intensive. I think the installation process will require two short visits to apply herbicide (less than two hours each) and three work days (9:00 to 2:30) the seeding, erosion blanketing, and flower planting. This of course depends on many factors, but we are happy to try and help minimize any traffic control expenses you might have by providing an ideal crew size and limiting the number of vehicles in the area. Thanks again and have a good weekend. Josh Josh Richardson Wetland and Shoreline Sales Specialist Prairie Restorations Inc. P.O. Box 327 Princeton, MN 55371 763-631-9428 direct line . 612-708-9428 cellular Date: 1/7/2008 An outline of the suggested materials and procedures to be used to establish prairie grasses and wildflowers in the Bunker Lake Blvd Medians in Andover, Minnesota Site size: approximately 22,000 sqft A. Project Overview: 1. The medians on Bunker Lake Boulevard need an attractive and maintainable solution. Establishing native prairie grasses in the medians will provide a long term, ecologically sound landscape that is perfectly adapted to the existing soils. Once established, prairie grasses will require very little watering, and will add a distinctive look to the site. 2. Each of the medians will be seeded with a solid stand of one species of native short grass prairie grass. The largest median will be seeded with little bluestem and the other with side oats grama. The smaller median on Martin Street is to be seeded with June grass. 3. Both large medians will have accent gardens on each end (4 total) that will be planted with showy native wildflowers that are adapted to dry soil conditions. Five species of flowers will be used to provide blooms throughout the growing season. A base seeding of blue grama, a very short native grass, will be used to provide ecological stability. 4. To establish this planting, the site will be treated with herbicide (twice) to kill existing weeds, mowed to remove dead vegetation, harrowed to provide a smooth seedbed, seeded with native grasses, and covered with straw erosion blanket to protect the seeding and enhance germination. B. Site Preparation: 1. Allow the site to green up, followed by an application ofRoundup@ and Garlon 3A@ herbicides as per manufacturer's directions. Spot treat Canada thistle with Transline@ herbicide. Allow a minimum of 3 0 days before disturbing the vegetation with other procedures. 2. Respray with Roundup@ if additional vegetation emerges during the waiting period. Allow a minimum of 10 days before disturbing the vegetation with other procedures. 3. Harrow or rake the soil to create a firm, smooth seedbed. C. Seed and Seeding: 1. Seeding dates shall be in the spring or summer before August lOth or in the fall between September 20th and freeze-up. I 2. Once the soil has been prepared, the grass seed will be broadcast throughout the project area. 3. A harrowing or hand raking will follow to incorporate the seed into the soil. 4. The seed shall consist of the following species and amounts: West Median (8000 sf): Side oats grama (Bouteloua curtipendula) ................... ............4.0 lbs. East Median (13,000 sf): Little bluestem (Schizachyrium scoparium) .................. ...........6.0 lbs. Accent Gardens (400 sf): Blue grama (Bouteloua gracilis) ............................ ..................0.5 lbs. Small Median (500 sf): June grass (Koeleria macrantha)............................. .................0.5 lbs. Note: A wheat or oat cover crop can be sown along with the native grasses at a rate of approximately 25 Ibs. per acre. Wheat/oats is an annual grass species that genninates quickly and will reduce the risk of soil erosion on the site. D. Erosion Control: 1. Cover crop will be sown along with the native grasses. 2. Erosion blanket (S75 or equivalent) should be applied as per manufacturer's directions to the entire project area. E. Plants and Planting: 1. Each of the four accent gardens will be planted with 90 four inch pots at an approximate spacing of 12" on center, for a total of 360 plants. 2. From the following list a minimum of 8 species will be used. Wildflowers Prairie onion (Allium stellatum) Prairie smoke (Geum triflorum) Pussytoes (Antennaria neglecta) Alum-root (Heuchera richardsonil) Butterfly weed (Asclepias tuberosa) Rough blazing star (Liatris aspera) Silky aster (Aster sericeus) Showy penstemon (Penstemon grandiflorus) Harebell (Campanula rotundifolia) Prairie phlox (Phlox pilosa) Grasses Prairie dropseed (Sporobolus heterolepis) 2 F. Management: 1. During the fIrst growing season the project area may need to be mowed to control annual weed development. If a "closed" canopy of weed cover develops, it should be mowed to aid in the growth of the prairie seedlings by reducing competition. Optimum cutting height would be 4 to 6 inches (depending on wildflower species present). Mowings done by PRI will be billed separately unless they are included as part of the installation contract. 2. In years following the fIrst growing season, management services could include site monitoring, burning, mowing, spot spraying, or hand weeding. These services should be contracted separately from the installation contract. Please note that management services are billed on a time and materials basis (a breakdown of cost ingredients would be available prior to contract acceptance). 3. In addition to service contracts, management consulting services are available upon request by calling our Services Group. G. Costs: Site preparation (includes spraying ,mowing, raking. harrowing)............................ $1225 Seed and seeding as specified .............................. ..................................... $1480 Straw Erosion Blanket (2450 sq yds installed @ $1.20 sq yd) ................ $2940 Wildflower 4" pots (360 installed @ $6.50 each) .................................... $2340 Total.......... ........................... ............ ...............$7985 Note: As an option, PRl will provide a follow-up consultation approximately I month after the completion of the project (if the project was seeded in the fall, the consultation will occur the following spring). The Restorationist (or salesperson) will meet with the project owner to assess the status of the project, answer any questions, and provide any necessary recommendations, This follow-up consultation will be provided at no additional cost. H. Projected Management Procedures and Cost Estimates: Year Projected Management Procedures 2008 Complete site mowings to control annual weed canopy (I or 2 mowings may be needed). 2009 Complete site mowings (lor 2 mowings may be needed). Integrated Plant Management (IPM) - spot spraying, spot mowing, hand weeding, etc. (2-3 visits) 2010 Dormant season mow. IPM (2-3 visits) Broadleafherbicide overspray 3 Estimated Management Costs Growing season 2008 (partial season) .................$600 Growing season 2009......................................... 1200 Growing season 2010......................................... 1200 Please note: Management is typically billed on a time and materials basis. Work is billed upon completion until the site's maintenance needs are met (the yearly estimate is not exceeded without prior approval). I. Guarantee: Prairie Restorations, Inc. (PR!) has a great tradition of successfully installing native landscapes throughout the Upper Midwest. We feel our expertise in this industry is second to none and we stand behind every one of our projects. Because weare confident in our abilities to provide you with the best possible materials and services, we are proud to offer the following guarantee: On projects installed by PRI crews within the specified dates, we will guarantee successful establishment within three full growing seasons, given the following conditions: 1. That PRI materials and PRI installation services are used on the project. 2. That the failure of the project is not due to the actions of others. 3. That P RI staff has been consistently involved with the maintenance of the project (consultation with the client or direct utilization of P RI management services) from the time of germination until the end of the third growing season (i. e. mowing, spot spraying, controlled burning). This outline provides a step-by-step plan for accomplishing the restoration of this site. If successfUl establishment does not occur within three fUll growing seasons, all necessary steps will be taken to ensure the eventual success of the project, at no additional charge. For purposes of this guarantee, successfUl establishment is defined asfollows: That the presence of at least 75% of the original seeded or planted species can be found on site, and that the overall density of vegetation is comprised of no less than 75% native species. Restoration outline prepared by Prairie Restorations, Inc. (pRI), Princeton, Minnesota .pro 4 @ 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 Direct FROM: Will Neumeister, Community Develop nt Director ail- SUBJECT: Update on Economic Development Activities DATE: January 15,2008 INTRODUCTION This memo is provided as an update for all economic development activities related to Andover Station North that the City staff have recently been engaged in. The following is the update on activities: Retail Building - Nothing new to report. Bruggeman Homes Townhomes - Sales are slow. Funeral Home - They expect to be finished with construction by early February. Day Care Site - Mr. Murli Nagani has signed the purchase agreement and provided the $5,000 earnest money. He has also started working with an architect on the site and construction drawings. There is also interest being shown in the north half of the lot by a dry cleaner. MVP Baseball (John Larkin) - Mr. Larkin is working to secure financing and has until February 29th to complete that process. Restaurant Site - A new proposal is before the EDA this evening. Light Industrial Building (IJynamic Sealing Technologies) - They indicate that they will break ground on the new building soon. Office Development (Northstar Partners) - Our real estate agents continue to market the site for both office and light industrial uses. The listing agreement is set to expire on February 29,2008. ACTION REOUESTED This is an informational update, no action is needed. Respectfully submitted, ~ Will Neumeister c:v.