Memo - Developer Section - 8th Avenue RedevelopmentPlanning & Economic
Development
MEMORANDUM
TO:. Honorable MayorrHos City Council Members
FROM: Kersten Elverum,Planning & Development
DATE: January 6, 2011
SUBJECT: Developer Section — 8a' Avenue Redevelopment
A discussion has been scheduled for the January 11, 2011, work session to continue the
developer selection process for the Park Nicollet site. Since we last discussed this issue,
I have followed-up with both developers. -The Cornerstone Group was asked to provide a
description of how the public market space would be developed, programmed, and
maintained. They were also asked to develop a site plan that would show how the site
would be developed if the Elk's property was not available - specifically how would the
public market concept be incorporated?
In conversations, it was determined that the public market space would be privately -
owned and the City of Hopkins would not be responsible for programming or
maintenance. A more detailed description and the requested site plan are not available at
this time, but will be sent prior to the meeting Tuesday. The Cornerstone Group has also
been working to refine their proforma including an updated TIF run based on their
anticipated development. We will discuss this in more detail at the work session.
Klodt Development was not asked to provide additional information as their proposed
project remains a 100% housing project whether it is only the Park Nicollet site or this
site in combination with Lutheran Digest. They continue to state.that the TIF would be
best used for streetscape improvements. The concept of partnering with The Cornerstone
Group was also discussed. John Bell, from Klodt, indicated that he would prefer that if.
this approach was desired, that rather than both developers work on the same site, the
various parcels be assigned to each developer with Klodt taking on the Park Nicollet
property and The Cornerstone Group take the Elk's. We will discuss this concept and
other partnership arrangements.