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<br />Case # 5 <br /> <br />Consider Acquisition of 8050 147th Avenue NW <br /> <br />By: Sean M. Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City of Ramsey identified an area known as Ramsey Crossings for redevelopment. The City <br />commenced Eminent Domain actions for the parcels west of Armstrong Blvd but the project <br />never materialized and the proceedings were dropped in 2007. The area has been identified as a <br />blighted area and it would be beneficial to clean-up the area for redevelopment. <br /> <br />Observations: <br /> <br />On December 18, 2007 the City was contacted by the owner of 8050 147th Avenue NW <br />(commonly known as Erin Contracting) via the attached letter. The owner expressed interest in <br />selling his property to the City and has acknowledged that the property is currently 'not' under <br />the threat of condemnation. There is no listed price for the property and the owner is checking to <br />see if the City, or EDA, would have interest in purchasing the parcel. Due to the fact that this is <br />a small parcel located in the middle of an area the might be better suited for a significant <br />redevelopment effort, Staff believes that the acquisition of this parcel is not a good financial <br />decision. It would seem that there would be significant carrying costs due to the fact that it could <br />not be redeveloped as a stand alone project. The Staff recommendation is not to proceed with <br />the acquisition. <br /> <br />Funding Source: EDA Levy / City General Fund <br /> <br />Staff Recommendation: <br /> <br />To contact property owner and state that the City does not have an interest in purchasing this <br />property at the current time. <br /> <br />EDA Action: <br /> <br />Based on Discussion. <br /> <br />EDA: 1.10.08 <br /> <br />31 <br />