Agenda - Economic Development Authority - 11/08/2012

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Economic Development Authority (EDA) 4. 6. Meeting Date: 11/08/2012 Submitted For: Patrick Brama By: Patrick Brama, Administrative Services Title: Discuss Future Development of 8020 147 Ave NW Background: The subject of this case is the EDA owned property located at 8020 147th Ave N. This property is expected to be cleared and ready for development by December. Moving forward, Staff would like direction on how the EDA would like to develop/market/sell the Subject Property. Based on previous EDA discussion, Staff believes there was a consensus to move forward with marketing and selling the Subject Property in its current capacity. The purpose of this case is to confirm the direction of the EDA. Observations: In general, two paths lie before the EDA to sell/develop the Subject Property: (A) move forward with marketing and selling the property "as is"; consider marketing options. (B) move forward with a master -planned approach; and potentially consider combining the Subject Property with nearby properties (for a larger project and/or development). The next steps under Option A would be to conduct an appraisal of the property under current conditions. The location of the property, its zoning and land use designation, lend itself to commercial development of the site. Option B would delay the parcel going on -the -market, but would seek to align the parcel's development with the Council/HRA long-term goals for this area. Under either option, this parcel has the potential to stand alone,or to be part of a larger land assembly by either a private party, or a public entity (e.g., HRA). Funding Source: If option A, EDA professional services account for an updated appraisal. If option B, EDA fund or professional services account: 9230.6315 for planning services. An updated appraisal would also be required later under this scenario. Staff Recommendation: Move forward with Option A, proceed with an updated appraisal of the Subject Property, and do an intitial "marketing" of the property to likely users in order to gage interest in the property. It is also recommended that the EDA request the City's Community Development staff to conduct a review of the zoning, land use, and infrastructure (e.g., sewer, water , streets) for the area in order to identify key issues that might impact the development of the site. EDA Action: Motion to proceed with an updated appraisal of the Subject Property, direct staff to contact likely users/purchasers in order to gage interest, and to request that the City's Community Development staff conduct a review of the zoning, land use, and infrastructure (e.g., sewer, water , streets) for the area in order to identify key issues that might impact the development of the site. Attachments RFQ Property Profile