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Prospect Speed <br />Staff has been communicating through CBRE, providing detailed information on various parcels in <br />The COR for development of a convenience retail operation. Staff expects an LOI for consideration <br />in the near future. <br />Update <br />Staff received an offer to purchase from Prospect Speed for the same parcel Casey's will be <br />occupying. The HRA declined to entertain the offer due to the progress and authorization to enter <br />into a PA with Casey's. Staff and the HRA anticipate another offer to purchase from Prospect Speed <br />on the western side of The COR. <br />Prospect 47 /Sergeant <br />Background: <br />The former Amoco Station was purchased from Amoco /BP Products North America in 2005. The <br />City paid $235,000 for the property and demolished the structure. Minutes indicate concerns in <br />relation to restrictive covenants and environmental concerns. MPCA notified the seller that no <br />further remediation activities are required on the parcel. Staff investigated the whereabouts of the <br />documents defining that statement to no avail and has ordered copies from the MPCA. Staff <br />believes the next step is obtaining a General Liability Letter (in essence closing out the site and <br />preparing it for sale) and creating a RAP — Response Action Plan should contamination be found <br />upon excavation that causes alarm (this is not expected). Staff is seeking assistance on the creation <br />of that plan through a local firm involved in the project in the 2005 timeframe. <br />The restrictive covenants attached to the property allow for very limited uses, until their expiration <br />in 2020 at which point the property will be free from them. Staff is working to find out if removal of <br />the covenants is an option. <br />Staff is working with Prospect 47 on development of a retail store at 5195 142n Ave. NW (Old <br />Amoco site). In addition, Staff is working with Prospect Sergeant on the development of an auto - <br />related service center at the same location. Staff is in communication with both prospects. Prospect <br />Sergeant's proposed plan requires removal of the covenants whereas Prospect 47's plan does not, <br />it is an allowed use noted within the extensive restrictive covenants. <br />Staff has connected with Northern Technologies, a local firm that worked on this project in the <br />2005 timeframe, to work towards understanding the status of the site and next steps. Prospect 47 <br />has stepped away from the table at this time to focus on further development in the core Metro, <br />with sights on Ramsey in the future. <br />Update <br />Prospect 47, also known as Imperial Development Company LLC, submitted an offer to purchase <br />the above mentioned parcel (Old Amoco) for $150,000. The asking price was $175,000. On May 27t <br />the City Council moved to enter into a PA with Imperial Development Company for the <br />development of a Dollar General Store. This use is eligible given the restrictive covenants on the <br />property, which are set to expire in 2020. <br />Northern Technologies has identified that no further action is required by the City from the MPCA <br />to clean the site up. A closure letter was issued for the site indicating such. This does not mean no <br />contamination is present. Imperial Development Company LLC has been provided all environmental <br />assessment information available to the City to ensure complete transparency. Imperial will <br />conduct further assessment as a part of their due diligence process. Northern Technologies feels, <br />