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Recommendation: <br /> <br />The City Staff recommends consideration of options on all ten of these properties ($500 - $1,000/ <br />6 - 12 moth option fee is expected). The recent 145-acre AEC purchase was made at $6,862 per <br />acre. It is proposed that purchase of any of the parcels in that price neighborhood is worth <br />pursuing. With some unique ownership situations, it may be possible to acquire some parcels <br />below this price point; others likely will be higher. The Council should note that even though we <br />show over $27,000 a year from property taxes, all of these properties are tax delinquent and the <br />owners keep them one year ahead of the public sale for back taxes. <br /> <br />All of these properties, with the exception of Parcel One, are currently located in a Tax Increment <br />Financing District. This district could provide a funding source for the acquisition of these <br />properties. The increment generated by any development could then reimburse the district for the <br />cost of the purchase of the property. The City may also have this option with Parcel One, if the <br />City proceeds w/th the Tax Increment Plan for the Anoka Electric Cooperative facility. <br /> <br />The City may be able to acquire options on some of these properties which would allow for a more <br />long-term negotiation period. The funds used for the options would then be credited to any <br />possible purchase. <br /> <br />Council Action: <br /> <br />Motion to authorize City Staff to acquire the above dgscribed parcels at a price within the general <br />parameters described above after consultation with the EDA Chair and City Council designee. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Economic Development Coordinator <br />Finance Officer <br /> <br />CC: 06/14/94 <br /> <br /> <br />