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<br />EDA BUSINESS <br /> <br />Case #1: <br /> <br />Sale of Lot 1, Block 4, Gateway North Industrial Park Plat 2 to Ace Solid <br />Waste <br /> <br />Economic Development Coordinator Sullivan stated that in 2006, the EDA made a <br />recommendation to sell this property to ACE Solid Waste for $275,000. The City Council then <br />directed the EDA to order an appraisal of the property to ensure that the sale price was equal to <br />or greater than its appraised value at the September 25, 2007 City Council meeting. The <br />appraised value came in at $205,000. He stated the City acquired the property in November of <br />2005 for $315,000, and noted that the City's acquisition cost included the structure on the <br />property, the right-of way area to be utilized for 141 st Avenue, and an in-ground scale. He added <br />the City received a grant for the clean-up of the contamination on the site. He reported that ACE <br />increased its offer to $286,000 due to the length of time that has passed since its original offer, <br />and has presented the City with a signed Purchase Agreement and $5,000. <br /> <br />Member Kiefer asked about the date of the appraisal. <br /> <br />Economic Development Coordinator Sullivan replied the appraisal was received on October 12, <br />2007. <br /> <br />Chairperson Riley asked Mr. Mike Berkopec, representative from ACE Solid Waste, what the <br />company intends to do with the property. <br /> <br />Mr. Berkopec replied that in 2009, the company's disposal contracts in Anoka County are up for <br />renewal and this will have an impact on the company's overall use of the property. <br /> <br />Economic Development Coordinator Sullivan stated that ACE Solid Waste has made it clear that <br />they intend to maintain the site in a professional manner. <br /> <br />Member Elvig requested further information regarding the clean-up on the site. <br /> <br />Economic Development Coordinator Sullivan stated the City received a $295,000 grant for the <br />clean-up of the contamination on the site, which was used for clean-up, demolition and <br />monitoring of the site. He indicated the City used approximately $270,000 of the grant, and the <br />remaining money will be used for ongoing monitoring. He added the grant was received from the <br />Tax Base Revitalization Account (TBRA), which is part of the Met Council. Only cities can <br />apply for this grant; if ACE were to have purchased this property earlier, they would not have <br />received a grant for clean-up of the site. He stated this property is within TIF District #2, which <br />is a redevelopment district. <br /> <br />Chairperson Riley stated it is important to note that this site is considered a blighted property in a <br />blighted area (CBRA) and there would be a significant EDA expenditures to correct the <br />condition. Staff secured a TBRA grant to supplement the City expenditures, and the City was <br />able to create a buildable site to be sold to a valued community business. <br /> <br />Economic Development Authority/October 18, 2007 <br />Page 2 of9 <br />