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HRA Regular Session <br />Meeting Date: 01/14/2014 <br />By: Ted LaFrance, Administrative Services <br />Information <br />5. 2. <br />Title: <br />Discuss Letter of Intent to Purchase Property - Sunwood Drive/Ramsey Boulevard (Portions may be closed to the <br />public) <br />Purpose/Background: <br />A letter of intent to purchase real estate was provided by a convenience retail business for consideration by the <br />Ramsey HRA. This convenience retailer is interested in purchasing real estate in the southwest corner of Sunwood <br />Dr. and Ramsey Blvd. NW intersection in the NE corner of the larger parcel. <br />Staff believes the decision to be made by the HRA at this time is: Do we desire to sell this specific parcel, at the <br />proposed price, for the proposed use before us? Staff worked through an internal economic development review <br />committee to determine a unified recommendation. Below is a list of information for consideration. <br />Price: Current valuation of entire parcel per Anoka County is $3,429,500 or $5.35 per square foot. The property is <br />14.72 acres in size. This convenience retailer is interested in purchasing 1.37 acres in the northeast corner of the lot. <br />This parcel's price, based upon the entire parcels valuation is $319,234.50 at $5.35 per square foot. McDonald's and <br />industry comparable prices for retail land run $5-10 per square foot. <br />Zoning: The northeast corner of the larger parcel is permitted for convenience retail use. <br />Other: Tax revenue of proposed project, location of this convenience retailer at the entrance of the COR, design <br />standards, best use of this parcel given current vision of the COR project area, impact of convenience user on value <br />of remainder of parcel for large office campus user, and more. <br />Staff will provide a full analysis of the above considerations and Staff recommendation during closed session. <br />Comprehensive materials will be provided to the HRA during the closed session. <br />Recommendation: <br />Staff is requesting a closed session, per MN Statute 13D.05 Subd. 3, to discuss the letter of intent and offer price. <br />Action: <br />Approve moving to a closed session to discuss the Letter of Intent <br />Attachments <br />Subject Property <br />Subject Property Detail <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 01/09/2014 10:42 AM <br />Kurt Ulrich Kurt Ulrich 01/09/2014 02:47 PM <br />