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7.0. EDSR 12-13-2004 Item 7 City of River MEMORANDUM TO: Economic Development Authority FROM: Stephen Rohlf, Building & Environmental Administrator DATE: December 13, 2004 SUBJECT: Joint Meeting with Heritage Preservation Commission and HRA Background There are certain areas in Elk River that do have local historic significance. The Heritage Preservation Commission has been discussing the potential of encouraging the designation of historic districts in these areas to restore or preserve their integrity. The logical place to start is certain area of the downtown. . Issue The HPC's would like to discuss the issue of establishing a historic district(s) in the downtown to make sure their efforts don't conflict with the HRA's plans for the area. In addition, the HPC would like to discuss potential financial mechanisms with the EDA that could be used as incentives for restoring and rehabilitating buildings in a historic district. The HPC's next step would be to talk to the Rivers Edge Downtown Business Association for their support. Recommendation Staff recommends that the EDA consider a joint meeting with the HPC and HRA to be held during the next Regular EDA meeting on Monday,January 10, 2005. The purpose of the meeting is to discuss a possible project to engage downtown businesses in restoring and rehabilitating their buildings with financial incentives. BMINNEAPOLIS ST. PAUL OURN INFORPAATION II INESS /I/d--®f r twincities.hizjournals.com $1.75 Formerly City ine� lung r} '' MORE INSIDE OPINION: i � is a ri I e J hn oPhIil..l kik Has the election divided MinnesotaY 0 Iila. t ReaderSgiVe ",tiv7?7:oi S' comments on BY SCOTT 0.SMITH n''' politics, their STAFF REPORTER , workplaces and t 1, A Chicago firm has a deal to '''^ y the IDS Center for about Who • :uck? ' l what to do about it. Js n Buck, founder and CEO of } 5 million. 44 - ` John Buck Co. (JBC) J is a prominent real estate devel- 1 E`' ; has ed a letter of intent to ,,er and investor in Chicago. JBC, 3 iil& purch. • the landmark founded in 1981,manages and leases ' '' 4 4 buildin: in downto 10.8 million square feet of office ' z R Minneapo: , accordin' o space, controls $2 billion in real ..t real estate . ecunve he estate and has developed nearly 30 1 pending sal w d go million square feet of office,high-rise vedar do wn as the h -st price residential, hotel, retail and enter- will -,4, aid for an o` • Building tamment projects. :a'A , = p r *,� 'v in the isto of Theyre certainly big enough andg Minneso capable enough to do the deal,"saidconsolidate which man.,-s Thomas Crowle ,executive vice pres- �" � `� the -floor, 1.2 millio ident at Chicago-based Heitman,X' fa „ 4 ■ rin Blin1 »» se : e-foot office build- whose office is in the IDS Center. . Toft 1; ' g on behalf of an AT&T- JBC has been an exclusively k 31'x' related pension fund, cago-area shop until recently. '-'�;- ti , �' offered the building for Wi I. the past few years,it expand * : x sale in July. ed o ide of the Chicago area with BY SAM BLACK r ' ' T t Representatives. from the pur••ase of an office building in STAFF REPORTER * `�: IBC and RREEF did not Washingt►l, D.C., and a 196-unit Aveda Corp. will consolidate its -, , return phone calls seek- apartment i ding in New York. operations in Blaine when it opens a --_,I,....-,„- 'f� ing comment. The In 2000,Bu . aunched his first real new high-tech distribution center on ` building also includes estate develop • t and acquisition a portion of a site once slated for a f r 4 166,000 square fund. JBC now h. two funds that new Minnesota Vikings stadium. * 0 _;x feet of retail raised a total of $ : million from Minneapolis-based CSM Corp.will ' ' ,," .�, space. The 282- high-net-worth indivi. als and insti- construct the 126,000-square-foot .„ room Marquette tutions. building to the specification`—"sof � � a �'�� �� Hotel was not Real estate sources sal. 't is diffi- Aveda, a division of New York-based .t'''.1 � , E included in the cult to speculate. how ck will The Estee Lauder Cos.Inc.,which will `, sale ID •AGE 46 lease the ng y The builbuildiding is for at the15ears.northwest -; ' The 1.2 million-square-foot IDS Center was quadrant of Lexington Avenue and r ut up for sale in July. Interstate 35W, in a development ` , _ ,!: i p AVEaA i PAGE 38 ° . . " state rplans s . tole s sial "r ,.... �� . , , i I n to win the hearts and Services plan ts a joi iesota legislators who posal •spital there by the end 1 „ which health care • e year. a�i �Y , ' build a hos•' - But only one will likely get built, x "�' p ,= �, and health care officials expect a1 •t z. �` „ � l I �' E fb In the past week, showdown during the upcoming leg- - ° ,t rs.Bl . �o me = l fit•' I nrnt-rh NMemnrial illative session will decide who . � -z .r"." _, _._r ro,� =. .a. '1 �3 �, - _ �i� THE BUSINESS JOURNAL I twincities.bizjournals.com November 12,2004 III HLY SEMINAR AVEDA: . . . . Expansion nibbles at Vikings stadium site FROM PAGE 1 January and be ready E R 19, 2004 to build in the CSM is launching called Lexington Preserve spring," Nordland Friday,November 19,2004 Business Park. •,eaa©r • said. "We will build- t.30 AM-1:30 PM Blaine officials approved the Aveda project s'0 the building so long -este a Strategic Advantage and $1 million in.tax increment financing ' j as the market condi- Ilarket, Account and (TIF) this summer after the Legislature didn't r' tions continue to act on a Vikings stadium. improve. If not, it's IVe Intelligence When the$7.5 million distribution center is a done and approved k olden Hotel complete in February, it will bringabout 50 = and ready to go and Golden Valley p sswf o jobs to Blaine that previously were at a slight- a, we'll wait until the t your competitors are whispering to your customers?Find ly smaller facility in Roseville. market is ripe for it." answer as Brett Norgaard of Wire the Market,Inc.shows The new building will be about 150 feet 3 Jim De Pietro,John r unique Market Landscape from Aveda's headquarters, connected by Ryden - and Matt r Intelligence Requirements trails and a private drive.After the expansion, Oelschlager, brokers in the Bloomington t,filter,disseminate and interact with just the intelligence Aveda will have about 500 employees in office of Los Angeles-based CB Richard Ellis, aligence and use it to advance your business goals Blaine. are marketing the business park sites. "The expansion is due to the fact we had l gain lots of practical insights and knowledge to help you reached capacity [at the Roseville location]," Vikings stadium there not dead :ive intelligence to your full advantage.For more information p ty ) 9 .org. said Aveda spokeswoman Vicky Melen. CSM's development for Aveda was slowed Distribution-center employees will now be significantly by possible plans for a new eting group $ 35 able to use amenities at the Blaine headquar- Vikings stadium in Blaine for the Minnesota $ 60 ters such as the wellness center and the Vikings. th Io $ 25 restaurant,she said. After five years of trying to get a stadium iistration received after November 15,2004 The distribution center will have state-of- deal approved by the state Legislature, the 2saEliotoday the-art sorting and packing equipment, said team abandoned its stadium push in ONLINE WWW.sMEMN.QRG Mark Nordland, vice president of develop- September even though it still wants one.An REGISTER - - ment at CSM.The building also has a detailed unknown is whether Vikings owner Red PHONE 76 3.746.3400 fire-protection plan because many of the McCombs sells the team and what impact that 1,000 products that will ship from the plant might have on a stadium drive. e Library•MN Entrepreneurs•MHTA are flammable.About four truckloads of goods Blaine officials haven't given up on their will go in and out of the distribution center attempt to build a stadium,either. daily,Nordland said. The Aveda expansion will alter the potential jt to Print•CAPSULE The city's TIF was needed to make the new master plan for that area,but doesn't exclude ct•The Business Journal building a financially viable choice for Aveda, the stadium;said Bryan Schafer,Blaine plan- HE BitiNESs JOURNAL Nordland said. CSM aged to pay Aveda$I ning director. 5 ANQ PROFESSIONAL GROWTH million upfront,and then CSM will collect the "We'll have to wait and see what happens TIF subsidy from the city over an eihg t-year with the ownership of the Vikings, and the ,�' 2 L Legislature,"Schafer said. TIF is an economic development tool used In the meantime, he said, the prospective by cities for projects that improve property Vikings campus site"is being nibbled away at." som e o n values.In this case,the city will dedicate rev- . Nordland said CSM designed Aveda's new enue from future taxes on the property to help. building so that it could still complement a ��� O offset development costs. stadium.It is only using about 10 acres of the yur CSM is expecting the Aveda deal to kick- 140 that CSM owns for the park. start interest in its 800,000-square-foot busi- Phase two of CSM's project,the speculative s Journalness park. / 3 7A e_ building,"will have much more of an impact Next week, CSM plans to apply to the city and will get out there more into the freeway for clearance to develop an 87,000-square- frontage area,"he said. � t j office building.It has no ten ants for hatproectyet.Nh them sblack@biijoumals.com 612)288-2103 "We hope to get approvals by the end of Nn copies of The Business Journal of z '" §� R ; �'itc.asant it:d e•i7rtvt" 4.. .� , $. 4� e-,,,,,,4„:1,,,,,,,;,,,e;,-5,111„:: } 4 - # :lye sp tai publications,just fill out this form „,,,„41,.4..„, e,, ,, ; ;4, - �, .2 or call 612-288-2100. 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