Minutes

New Brighton Economic Development Commission

Regular Meeting - July 14, 1998

7:30 a.m.

Roll Call

Present:	Mayor Bob Benke, Eugene Delaune II, Carol Frey, Ann Hoffman, Ken Johnson, Maxine Pierson, John Kaufhold

Absent:	Rakesh Argawala, Dean Tollefson

Also Present:	Jill Bishop, Economic Development Specialist

Matt Fulton, City Manager

Frank Dunbar , Dunbar Development Company

Tom Dillon, Dunbar Development Company

Approval of Minutes

The minutes of the June 9, 1998, Economic Development Commission meeting were approved as written.

Jones Lake Concept Plan

Frank Dunbar and Tom Dillon from Dunbar Development Company presented their concept for the Jones Lake Apartment area. The property owner and Dunbar are proposing to remove the currently 22-unit apartment and construct a 80 unit 4-story complex with underground parking. The vacant land and the property to the south will be combined to a size of approximately 5.5 acres to accomplish this.

Questions were raised concerning the existing building, its current tenants and what kind of assistant would be needed for the project? Dunbar indicated that they are considering two different legal structures for the project. Depending on what market research indicates, the project may be rental or a co-op in structure. More assistance will be needed if it is rental but even preliminary figures are not yet available. Although it will not be designed or designated as a senior facility, the project is expected to attract an "over 55" clientele. If the co-op structure is used, it is estimated that an initial $20,000 to $25,000 equity investment will be required with monthly rents of approximately $700 monthly.

The EDC responded positively to the concepts discussed.

BCP III Neighborhood Retail Center Update

Bishop provided an update of the project. To increase the square footage of the project, the developer has recently added a two-story office building with underground parking to bring the development up to approximately 65,000 square feet. Ordway/Pratt is expected to be at the next EDC meeting in August.

NW Quadrant Update

A copy of the special legislation for the northwest quadrant was passed out and discussed. Fulton explained that the legislation allows for changing the five-year rule for development to extend to nine years and a softening of the pooling requirements

Other Business

New EDC Member

Linda Harmon was introduced and welcomed to the Commission as the Council appointed replacement for Ann Hoffman. A six-year resident of New Brighton, Harmon brings an extensive background in finance to the EDC.

Adjourn. The meeting was adjourned at 9:30 a.m.