Agenda - Economic Development Authority - 03/08/2018

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Economic Development Authority (EDA) Meeting Date: 03/08/2018 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 2. Title: Maple Investments LLC (Sharp & Associates) Purchase Agreement [portions of this case may be closed to the public] Purpose/Background: PURPOSE Consider the attached purchase agreement (purchase offer of $93,110 or $2.25 psf) from Maple Investments LLC (Sharp & Associates) for a 0.95-acre City -owned property, for a roughly 9,700 square foot speculative industrial building. BACKGROUND Site Information The subject property is located at 6590 141st Avenue NW within the City's original business park, just north of Ace Solid Waste. This 0.95 site is located off Basalt Street and Bunker Lake Boulevard and is currently zoned E-1 Employment District. This property was purchased by the City in 2006 for redevelopment purposes for a price of $211,200; at which time, existing improvements were removed. This site has sat vacant, tax exempt, and available for sale since 2006. This property is currently being listed for $105,000 (2.50 psf). Attached to this case is the property listing. When the site was purchased by the City in 2006, some CDBG funds were utilized (Anoka County). If the city were to close this PA, a portion of land proceeds, likely $10,000-$20,000, will need to be repaid to the CDBG fund (Anoka County). Sharp & Associates Sharp & Associates is perhaps the most well known "business park" developer in Ramsey. Sharp has several properties in Ramsey, and several others located in Anoka, Maple Grove, and Elk River. The majority of Sharp's buildings are small -bay multi -tenant buildings. This type of product is rare for a developer to specialize in, and to do so successfully. Staff believes the buildings that Sharp has established in Ramsey have played a major role in Ramsey's overall success in economic development. Reason being, Sharp has created a model very close to a private sector business incubator(s). Sharp attracts new and small business to his affordable, right -sized multi -tenant buildings... then, when they are ready to expand or build a new building, they work with Sharp (and typically stay in Ramsey). Sharp has constructed 10+ owner -occupied buildings in Ramsey for said tenants. Staff believes Sharp is one of Ramsey's greatest development relationships/ partners. This project generally fits the mold outlined above. Proposed Project Sharp is proposing a roughly 9,700 square foot speculative industrial building. Please see attached concept map and rendering. Notification: