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HRA Regular Session <br />Meeting Date: 07/23/2013 <br />By: Kurt Ulrich, Administrative Services <br />Information <br />Title: <br />Consider offer to purchase Outlot A of RTC 7th Addition (Portions may be closed to the public) <br />5. 2. <br />Background: <br />A letter of intent, dated May 28, 2013, addressed to HRA Chairperson Backous, was received from the office of <br />Erhart & Elfelt, LLC. The letter of intent relates to a parcel of property that PSD, LLC was interested in <br />exchanging with the HRA for another parcel of property. <br />The HRA considered the exchange of properties at their regular meeting of June 11, 2013 and directed staff to <br />convey that an exchange was not desired, but that cash offers would be considered. A cash proposal has been <br />submitted. <br />Observations/Alternatives: <br />Parcel characteristics: <br />- 3.38 acres in size <br />- This parcel appears to be at -grade and to have good soil conditions. <br />- This parcel is on existing roadways with only minor road modifications needed. <br />- The parcel is close to COR amenities such as the Draw Park, Lake Ramsey, and the Parkway. <br />- The property is highly visible and and "entry -way" parcel to the development. Construction of a quality project on <br />this site would be a plus. <br />- The City has had strong interest in this site from multi -family developers due to its location to transit and other site <br />amenities. <br />- The property is a square -shape which maximizes its use for development. <br />- The HRA approved a similar development on this site in 2012 that subsequently fell through (see attached exhibit) <br />Recommendation: <br />It is recommended that the Council consider the purchase offer for this parcel in closed session. <br />Funding Source: <br />N/A unless a subsidy is considered. <br />Action: <br />Consider the purchase offer for this parcel in closed session. <br />psd apt site <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich (Originator) Kurt Ulrich 07/18/2013 02:52 PM <br />Form Started By: Kurt Ulrich Started On: 07/18/2013 02:35 PM <br />Final Approval Date: 07/18/2013 <br />