Agenda - Council - 06/13/2000 - Laserfiche WebLink

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I CASE # AUTHORIZATION TO ACQUIRE INDUSTRIAL LAND By: James E. Norman, City Administrator Background: While in the process of studying the feasibility for the industrial site known as the Maken property ~revious case), staff began to review the development potential of the parcel known as the Sauter property. The Sauter property is located immediately west of Sunfish Lake Boulevard and north of McKinley Street (map attached). Staff began to directly negotiate with Mr. Sauter in April and a rough framework of a land swap with cash was discussed. Under the terms of the agreement, Mr. Sauter will receive a cash settlement for the land and additionally will receive 15 acres of the Maken property for relocation of three businesses on the Sauter property. It has been further proposed that Mr. Sauter construct approximately 118,000 square foot of new building space on the Maken property. Acquisition Proposal: Staff has been in negotiations with Mr. sauter and has made a te.ntative proposal for Mr. Sauter to receive $434,932 for the property located on Sunfish Lake Boulevard, he would receive approximately 18 acres in the Maken property and he would receive $100,000 in the form of TIF assistance for site improvements of the Maken property. Financing of the project would be done through a TIF bond from Tax Increment District No. 2. A development agreement between the City and Mr. Sauter would be prepared for Council authorization. Council Action: Motion to authorize the acquisition of the Sauter property through a development agreement as previously discussed. Reviewed by: City Administrator Community Development Director City Attorney Economic Development Consultant CC: 06/13/00 IIRA_FSllVOLl[userslCity Shared FilelAGENDA COUNCIL & COMMISSIONICity Councill2OOOLluneL4uthAcqSauterO613OO. doc 06/13/00 t5