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HRA Regular Session 5. 3. <br />Meeting Date: 04/23/2013 <br />Submitted For: Kurt Ulrich By: Jo Thieling, Administrative Services <br />Information <br />Title: <br />Develop Offer to Purchase Property at 6710 Highway 10 NW in Ramsey (Portions may be closed to the public) <br />Background: <br />The City has been asked if it had an interest in purchasing property at 6710 Highway 10 NW in Ramsey, by the <br />current listing agent. The property is being listed by Premier Properties. <br />Notification: <br />None. <br />Observations/Alternatives: <br />This property is currently the site of an adult bookstore and is being listed for sale at $375,000. The current use of <br />the property is a limited adult use, that is limited to 10% of the display area and other types of adult uses would not <br />be allowed on this property. The exterior of the property is in generally poor condition and the value of the parcel <br />is land value only. <br />The property is not needed for future Highway 10 right of way, but it could be considered a commercial <br />redevelopment site. HRA, EDA, or City monies (or a combination thereof) could be used for purchase of the <br />property. <br />Recommendation: <br />Staff recommends that the Council consider developing a proposal to purchase this property in closed session. <br />Funding Source: <br />HRA, EDA, or City funding. <br />Action: <br />Consider action in closed session and report. <br />Site Location Map <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 04/18/2013 05:40 PM <br />Form Started By: Jo Thieling Started On: 04/18/2013 04:31 PM <br />Final Approval Date: 04/18/2013 <br />