Agenda - Economic Development Authority - 11/14/2001

Home

Sunfish Lake Boulevard/US HWY # 10 Northeast Development By: James E. Norman, City Administrator Scan Sullivan, TIF Specialist CASE Background: The City has been continuing working with the property owners of the parcels north of US Highway # 10 and east of Sunfish Lake Boulevard for the purposes of possible redevelopment. As directed, the City has been negotiating with landowners to purchase the properties located.in this development area. The willingness to sell by the landowners has been a pleasant surprise but lengthy negotiations are still needed to agree to a price. The City is currently obtaining appraisals of the properties and is looking for sources to fund the property acquisitions. The project area would provide enough acreage for a frontage road system to be constructed and for three to four businesses to construct new buildings. The City has been discussingthe plans on developing the northeast comer of Sunfish Lake'Boulevard and US Highway # 10 with Plants and Things (map attached). Hunter Investments, the owner of the above-described property, has made it clear that preference is to be given to .Plants and Things for the comer lot. Staff has been investigating financing options available to facilitate the redevelopment of this project area with consideration to Hunter Investments. The price being asked for the land at this point makes it impossible for Plants and Things to build on the corner lot. The City is getting appraisals on the properties involved and will enter in to more intense negotiations with the property owners. Attached is a site plan drawing provided by Plants and Things that identifies the concept plan. Action: Based upon discussion. Reviewed Checklist: ommunity Development Assistant IF Specialist City Administrator EDA: 11.14.01