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Associate Planner Wald indicated the Council will have to approve any changes. The topic of <br />the revolving loan fund will be brought back with a discussion on guidelines, how to make the <br />pot bigger, and how to advertise. <br /> <br />Case #5: ,Acquisition of Key Parcels <br /> <br />The consensus of the EDA was to review this topic at the next EDA meeting. <br /> <br />Case #6: Amoco Station Acquisition <br /> <br />Economic Development/TIF Specialist Sullivan explained this property lies outside of the <br />Critical Blight Redevelopment Area, however, its close proximity to Highway 47 makes it a very <br />visible problem. The condition of this property and the pressure form the public has led to <br />increased attention for this property by the City. Staff and elected officials have been contacted <br />by the seller of this property within the last month. This property is located adjacent to TIF <br />District No. 1 and its budget allows for expenditures outside of its boundaries within <br />Development District No. 1. Staff is looking for a recommendation to enter into meaningful <br />negotiations with the property owners and to acquire this property for redevelopment purposes. <br /> <br />Chairperson Riley stated he thinks the Board agrees this property is in need of redevelopment. <br />The environmental issues would have to be taken into account, but that is greater than the scope <br />of the EDA. This is a perfect example of something the City needs to do redevelop. <br /> <br />Motion by Member LeTourneau, seconded by Member Strommen, t.o recommend to City <br />Council that the City enter into meaningful negotiations with BP America (Amoco) to acquire <br />the property at 5195 142nd Avenue NW, taki.ng into account the environmental concerns. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Strommen, and Elvig, <br />Voting No: None. Absent: Members Gromberg, Kiefer, and Steffen. <br /> <br />Further' discussion: Chairperson Riley inqUired about borings. Economic Development/TIF <br />Specialist Sullivan replied the borings will be completed during due diligence. <br /> <br />Case #7: Saint Paul Terminal Acquisition <br /> <br />Economic Development/TIF Specialist Sullivan advised recently the City was contacted by the' <br />attorney for the owner of 14050 Basalt St NW. Discussions led to the conclusion that the owner <br />would like to sell his property prior to years end if possible. Staff has had one preliminary <br />meeting with the attorney and the sales pi'ice is $500,000. Anoka County records have this <br />property valued at $315,400. Staff needs to negotiate a fair market value for this property and <br />enter into serious negotiations. He believes negotiations will likely lead to a price in the $315,00 <br />to $375,000 range. There is a 10,000 square foot building on the property that will need to come <br />down. The acquisition of this property will be funded through TiF District No. 2 due to the <br />property location within this district. Staff is looking for a recommendation form the EDA to <br /> <br />Economic Development Authority/December 8, 2004 <br /> Page 8 of 10 <br /> <br />78 <br /> <br /> <br />