Laserfiche WebLink
the MPCA and complete some final testing. At this point, staff is waiting to hear back from the MPCA and <br />Braun Intertech. It's staff understanding the site will be usable --but, may have some soil vapor lining <br />requirements, and potentially some monitoring requirements. Updates to come on this item. The buyer is <br />aware of this situation. <br />(3) Infrastructure and access. This site will not be allowed direct access to Ramsey Boulevard. This site will <br />obtain access from Limonite Street. As planned within the City's future public works master planning <br />process, 142nd Ave will be vacated. Limonite Street needs to be extended into this site, including a cul-de-sac <br />(currently terminates into a dirt road just north of this site). This infrastructure improvement (Limonite <br />cul-de-sac) will not only serve the buyer of the 4.14 acre city -owned property (west), it will also benefit the <br />roughly 3.5-acre city -owned property located directly east of this proposed project. Based on preliminary <br />estimations, the cul-de-sac (including utilities) will cost roughly $350,000. Staff would suggest the buyer <br />construct/ pay -for this infrastructure improvement. Then, the city reimburse the developer 50% of said costs <br />(as this improvement is needed to serve the city's parcel as well). <br />(4) Design/ layout is important. Staff has made the buyer aware the city needs a concept layout for this <br />project before a purchase agreement will be approved (December). The city will require a quality building <br />(including glass/ stone) that shields/ screens the site from Ramsey Boulevard. Any outside storage must be <br />enclosed, screened, secure, and setback from Ramsey Boulevard. Buyer understands this site is the entrance <br />to The COR and is important to the City. <br />(5) Broker Commission Payments. The original purchase agreement (offer from the buyer) called for a <br />$400,000 price. However, it included a $40,000 broker payment, for the buyer broker. This $40,000 payment <br />was above and beyond the city's standard commission payment/ policy for CBRE (5% for single broker, and <br />7% for co -broker). In response to this request, CBRE is suggesting the City increase the price for the land <br />transaction from $400,000 to $450,000, and have the buyer cover this extra broker commission. The buyer <br />broker also works for CBRE (they are contracted to the end -user). <br />Funding Source: <br />NA <br />Recommendation: <br />Staff is looking for any preliminary direction, input, questions, etc. No formal direction requested. <br />Below are some preliminary staff comments (from an Economic Development perspective) <br />• Appears to be a quality building/ user that will create jobs and drive traffic to The COR <br />• Appears to be a good offer price <br />• Appears project will result in the construction of needed Limonite Street cul-de-sac <br />• Appears to be a good developer, willing to work with city on design <br />• Project will require a text zoning amendment <br />• No subsidy requested <br />• This site has challenges (odd shape, setback to BNSF, and Phase II ESA) that have made it hard to sell/ <br />market for traditional economic development (manufacturing) --this project appears to be a good use of this <br />site <br />• When project comes back in December, as a formal purchase agreement, staff will include more detailed <br />information <br />Action: <br />Staff is looking for any preliminary direction, input, questions, etc. No formal direction requested. This case will <br />come back as a formal purchase agreement in December. <br />