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CASE # 7 <br /> <br /> Saint Paul Terminals Property Acquisition <br />By: Scan M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Staff and the EDA have identified specific properties in need of redevelopment due to blighted <br />conditions. The property located at 14050 Basalt St NW (See Map) is owned by Saint Paul <br />Terminals. City Staff has been given clear direction from the EDA in regards to development <br />and redevelopment in the City of Ramsey, especially in this area of the City. <br /> <br />Observations: <br /> <br />Recently thc City was contacted by the attorney for the owner of 14050 Basalt St NW. <br />Discussions led to the conclusion that the owner would like to sell his property prior to years end <br />if possible. Staff has had one preliminary meeting with the attorney and the sales price is <br />$500,000. Anoka County records have this property valued ~ $315,400. Staff needs to <br />negotiate a "fair market value" for this property and enter into serious negotiations. The <br />acquisition of this property will be funded through TIF District # 2 due to the property location <br />within this district. Staff is looking for a recommendation from the EDA to enter into full <br />negotiations with this property owner and to acquire this blighted property for redevelopment <br />purposes. <br /> <br />Recommendation: <br /> <br />Staff recommends that the EDA recommend to City Council that the City enter into meaningful <br />negotiations with Saint Paul Terminals to acquire the property at 14050 Basalt 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: 12/08/04 <br /> <br /> <br />