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New Brighton Exchange <br />Development Report <br /> <br /> <br />2 <br />2017-Summer 2018 <br /> <br /> <br />Pulte was contractually obligated to complete the <br />units by December of 2019. The developer was <br />able to complete the development almost two <br />years earlier than expected due to high demand of <br />their units. Pulte’s development has created <br />nearly $54 million in market value to New Brighton <br />Exchange, and that number will continue to grow <br />over the next year. Due to Pulte’s success in New <br />Brighton Exchange, they are actively seeking other <br />redevelopment opportunities within New Brighton <br />because of the demand in New Brighton’s real <br />estate market. <br /> <br />APi Purchases 3rd Property <br /> <br />On July 11, 2017, the City Council and APi entered <br />into a Private Contract for Redevelopment for a <br />third property on the west side of Old Highway 8 <br />NW in New Brighton Exchange. APi Group, Inc. <br />previously had an option on this parcel. While APi <br />is not ready to build additional square footage at <br />this time, they wanted to retain control of the <br />property being its adjacent proximity to their <br />existing two buildings in New Brighton Exchange. <br />APi Group, Inc. has been a great redevelopment <br />partner in New Brighton Exchange, already having <br />built and occupied nearly 100,000 SF of office <br />space. Noting this, the New Brighton City Council <br />was highly motivated to negotiate another <br />partnership, albeit under a delayed development <br />schedule. Under the parameters of the latest <br />agreement, APi will make an annual payment to <br />the City is lieu of taxes to off-set lost tax revenue <br />until the company completes construction of at <br />least 30,000 SF of additional space. Development <br />of this property will mark 100% completion of <br /> <br /> <br /> <br /> <br />redevelopment efforts on the west side of Old <br />Highway 8 NW in New Brighton Exchange. The red <br />circle below depicts the 1.8-acre parcel the City <br />sold to APi Group, Inc. <br /> <br /> <br />Financial Spotlight <br /> <br />New Brighton Exchange financial projections were <br />updated this summer and presented to the City’s <br />Economic Development Commission in June. As to <br />be expected, the financial outlook continues to <br />improve based on the development that has <br />occurred and how quickly projects are completing. <br /> <br />Article continued on next page…