Laserfiche WebLink
CASE # <br /> <br /> Martin / Gorecki Property Acquisition <br />By: Sean M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />City Staff has been given clear direction from the EDA in regards to development and <br />redevelopment in the City of Ramsey. The major Area of interest of the Ramsey EDA is the <br />Critical Blight Redevelopment Area (See Map). Staff has been directed to negotiate sales <br />development and redevelopment in this area when opportunities present themselves. The EDA's <br />support in this area makes it possible to redevelop more blighted properties at a faster rate. Staff <br />continues to negotiate sales and market the newly acquired properties to developers for quality <br />development. The EDA, in the past, assisted in purchases for blighted properties as documented <br />by the Alloy Recove~2¢ acquisition. <br /> <br />Observations: <br /> <br />Staff has written a purchase agreement to the Martins for $169,900. The offer was based on a <br />sales price of $169,900 and a completed property appraisal for $170,000. The City has obtained <br />a phase 1 environmental of the property and it has a clean bill of health. Council has approved <br />the purchase agreement and the closing will take place at the end of August 2004. Staff believes <br />that it would be a good idea for the EDA to assist in the purchase of this property. The <br />participation by the EDA in this activity makes the Ramsey business community aware that the <br />EDA ts playing an active role in redevelopment. The remainder of the Purchase would take <br />place with funds fi'om TIF District No. 2. When the property is put up for sale and developed the <br />EDA would be able to recapture a percentage of the proceeds based on the percent of the <br />purchase price provided. This property has high visibility and it would be a great project for the <br />EDA to play a lead role in getting it developed. The EDA does have the funds in its budget to <br />cover the request 1hr $60,000. Staff is looking for a recommendation to allocate $60,000 toward <br />the purchase of 14140 Azurite St NW. <br /> <br />Recommendation: <br /> <br />Staff recommends that the EDA pledge $60,000 toward the purchase of 14140 Azurite St NW. <br /> <br />EDA Action: <br /> <br />Based on discussion <br /> <br />Reviewed by: <br />Jim Norman, City Administrator <br />Megan Wald, Associate Planner <br /> <br />EDA: I}8/I}9/I}4 <br /> <br />3 <br /> <br /> <br />