Agenda - Economic Development Authority - 03/12/2020

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Economic Development Authority (EDA) Meeting Date: 03/12/2020 By: Tim Gladhill, Community Development 4. 2. Title: Consider Purchase of 6336 Highway 10 NW (JAC Auto) (Portions of this case may be closed to the public) Purpose/Background: Purpose: The purpose of this case is to consider a strategic acquisition of an available property located at 6336 Highway 10 NW. Acquisition would achieve two broad goals/benefits to the City. • Remove/improve blighted property • Provide flexibility in final design of Sunfish Lake Boulevard Acquisition of this property should be considered an investment in the above goals. While it is possible that the property is ultimately resold for economic development purposes, there is no guarantee on a particular sales amount. Background The property is located near the proposed Sunfish Lake Boulevard Interchange and is within the area identified for potential redevelopment. There have been general inquiries form the public to consider acquisition of the site and to operate out of the existing buildings but none have reached the point of a purchase agreement or site plan. In order to secure potential ROW or to assemble parcels for a larger redevelopment project this parcel could be a strategic acquisition. Te property is being listed for $275,000. This property is on the open market and staff believes that acquisition of this parcel would not result in the City being required to relocate the user. Staff would need to follow proper noticing requirements to ensure that the City does not incur additional costs. Notification: Notification is not required. Observations/Alternatives: Economic Redevelopment Potential The EDA has embarked upon preliminary investigations of establishment of a Redevelopment TIF District. This parcel is one of several key properties that will likely qualify this area as a Redevelopment TIF District. Redevelopment TIF Districts provide up to 25 years of increment captured within the district. Ramsey Gateway Plan - US Highway 10/169 The City and Anoka County continue to refine alternatives for the future Sunfish Lake Boulevard Interchange. Recently, the City Council approved two small adjustments to alternatives on the south side of Highway 10. This property could play a role in a better solution to Sunfish Lake Boulevard that minimizes conflicts on Riverdale Drive, especially for the residential properties on the south side of Riverdale Drive. Staff will walk through these talking points at the meeting. Land Use Planning/Zoning