10. EDSR 10-08-2007ITEM # 10.
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MEMORANDUM
TO: Economic Development Authority
FROM: Heidi Steinmetz, Assistant Director of Economic Development
DATE: October 8, 2007
SUBJECT: Concept Review -Fine Dining Prospect
Background
Over the past month staff has been working to provide site options for a fine dining
prospect. Company representatives will be attending the EDA meeting to discuss their
project with the EDA for concept review.
Staff initially presented a list of six recommended site options based on the company's
location criteria. The company narrowed down their choices to three site options and most
recently two site options. The company would like to secure a site and begin construction as
soon as possible. Company representatives have indicated they are considering alternative
site options in Eden Prairie and Minnetonka.
Issue
Currently, the company's preferred site option is located on Lot 1 Block 1 of Mulvaney
Point (see attached map in previous agenda item) located at the corner of Line Avenue and
County Road 12 (181" Avenue) in Elk River. The site is currently owned by the United
States Post Office who had previously envisioned constructing a new Elk River Post Office
on the site. As reported in the previous agenda item regarding this site, the Post Office now
plans to sell the property through an RFP bidding process.
Requested Direction
Following the company's concept presentation, staff requests that the EDA provide staff
with feedback on the following policy questions:
Does the EDA wish to enter into the bidding process in an attempt to purchase the
Post Office property?
If the answer to the above question is "yes", does the EDA wish to enter into an
agreement/submit a letter of intent to the fine dining prospect stating that the EDA
would ultimately sell the property to the prospect?
Concept Keview -Fine Dining Prospect
October 8, 2007 EDA Meeting
Page 2 of 2
If the answer to question #1 is "no", to what level or in what form is the EDA
willing to participate in this project?