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MINUTES <br />New Brighton Economic Development Commission <br />Regular Meeting -- September 4, 2007 <br />7:00 a.m. <br />Members/Liaisons Present: Bob Benke, Dennis Flahave, John Kaufhold, Cynthia Lesher, Mark <br />Nelson, Bruce Nustad, Jim Sculthorp, and Gary Stang. <br />Members/Liaisons Absent: Gene Delaune, Linda Harmon, Annie Hoffman, and Steve Larson. <br />Staff Present: Dean Lotter, Grant Fernelius, David Black, and Jennifer Lavandowska. <br />Call to Order <br />Mark Nelson called the meeting to order at 7:00 a.m. <br />Approval of Minutes <br />The minutes of the August 7, 2007 meeting were presented for approval. All approved. <br />Northwest Quadrant Report <br />West Side <br />* Black reported that staff recently met with MPCA officials. It was decided that nine wells would be <br />installed at the perimeter of Long Lake Regional Park, with Ashland Oil participating along with the City. <br />I le added that the PCA has detected slightly elevated TCE levels at the park and want to make sure that it <br />is not coming from the development area. The City has maintained that the elevated levels are caused by <br />contamination from TCAAP, not this area. Flahave inquired how long the tests will take. Black replied <br />that the testing would take six months and if the results are poor, then more testing would be needed. <br />Fernelius added that vapor testing was done by Barr Engineering last month and test results are expected <br />next week. The results will indicate if a passive venting system would be adequate or if an active venting <br />system would be needed. He added that the City is expecting that the passive venting system will be <br />sufficient. <br />Sculthorp inquired whether revenue is near projected estimates. Black replied that the tax revenues are <br />based on the land price and the development area, both of which are less than previously forecast. <br />Flahave asked how many senior condo units have been pre-sold. Black replied that seventeen units have <br />sold; forty percent of the units need to be sold to begin construction on the underground parking. <br />Kauthold asked how long staff believes it would take to complete the development. Fernelius replied that <br />it should take roughly six years for the entire development to be completely built out. <br />East Side <br />Black announced that Council has approved the term sheet for Transoma Medical to purchase Block C. <br />W 'ransoma would like to start construction by October 1". Fernelius reported that the company originally <br />T <br />projected that the building would be close to 120,000 square feet, but are now proposing 118,000 square <br />feet. Black added that staff is making sure that the building has a taxable value of at least $90.00 square <br />Page 1 of 4