Agenda - Economic Development Authority - 12/08/2004

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CASE # 5 ACQUISITION OF KEY PARCELS By: Sean M. Sullivan, Economic Development / T1F Specialist Background: It has been the policy of the EDA to begin negotiations with property owners when parcels go up for sale. The EDA has identified parcels such as: Debee and B & A Cylinder as properties in need of redevelopment. Due to budget constraints it is difficult to make cash purchases of these properties. The proximity of these properties to Town Center makes it important to remedy the blight-like conditions quickly. It is time to look into new methods of land acquisition that could provide for the purchase of multiple properties at one time. Observations: The EDA has the authority to issue bonds for acquisition purposes. The need for redevelopment allows this and this would be a good funding mechanism for these types of purchases. In addition to the two properties previously mentioned, Staff suggests that we add the Adolfson- Peterson property.(See Map) The purchase prices are not known for all these properties at this time but that information would be researched if Staff receives direction. It is important to assure that these properties are redeveloped in a timely manner with appropriate buildings and uses. The three properties could be packaged together in a bonding packing that can be paid off over time. Staff is looking for a recommendation that the EDA bond for the acquisition of these properties and to fund them through subsequent EDA budgets. Recommendation: Staff recommends that the EDA recommend to City Council that the EDA bond for the purchase of the Debee, B & A Cylinder and Adolfson-Peterson properties. EDA Action: Based on discussion Reviewed by: Jim Norman, City Administrator Megan Wald, Associate Planner EDA: 12/08/04