EDC 06-18-2013 - Laserfiche WebLink

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purchasing V2 of the site, and completing 1/2 of the Public Improvements, and constructing single family homes. Followed by Phase 2 in July of 2014, completing the second 1/2 of development; including townhome construction. Completion is estimated to be in 2018. Fernelius stated that Pulte will have 120 days from execution of the redevelopment agreement to conduct due diligence. This would include all City land use approvals (i.e. PUD,plat, zoning amendments, etc.) and MPCA approval. Fernelius reported that the City has arranged for Pulte to handle the maintenance of common areas within the development as well as the entrances. Commissioner Neumann-Walker expressed concern with similarity among the homes, and if any requirements are put in place for this. Fernelius stated this will come up at the approval phase; noting he expects they will require variations. Motion by Commissioner Murlowski, seconded by Commissioner Zelm to make an affirmative motion of support for the Pulte agreement as presented. 6-0 Motion Carried Update on APi Group negotiations Director Fernelius reported that staff has been in discussions with APi Group for over a year on an office expansion project in New Brighton Exchange. The talks initially focused on completion of the 9,000 square foot building on their existing campus,but have since shifted toward a much larger project on the 4 acre site referred to as Block G. APi is proposing to build a 45,000 square foot building on the south 2 acres of the site. They want the option to build a second building of up to 30,000 square feet on the north half of the site. APi will pay$8 per square foot for the land. This price is considered very good for the current market(according to Colliers and Ryan) and is consistent with a third party appraisal completed earlier this year. This is also the price of the land for the option parcel. Mark Ruff commented that the City was able to negotiate both with Pulte and APi without the use of a broker; resulting in substantial savings. Fernelius reported that APi will close on the land by the end of this year and start construction on the first building by January 1, 2014. The first building must be completed by December 31, 2014. They must close and develop the first building in order to have the right to buy and development the north parcel. Additionally, if they don't proceed with any development, the company will be required to continue their payments to the City for the smaller building. Commissioner Zelm asked about the plans for the access to the property. Fernelius reported that a traffic study was recently completed the consultant suggested that sooner than later a signal would likely be required. Motion by Commissioner Zelm, seconded by Commissioner Beach to make an affirmative motion of support for the APi agreement as presented. 6-0 Motion Carried Colliers/Ryan Marketing Report Director Fernelius reported that Colliers has asked staff if the City would be interested in subdividing Block F, in order to accommodate smaller users. Fernelius suggested a concept plan could be prepared for consideration. Commissioner Zelm stated that New Brighton does not have a lot of small office space available' stating she would like to see Block E &Block F be considered for subdivision as well. Fernelius noted there are environmental issues on each of the sites.