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Staff has received a number of inquiries by used motor vehicle sales and repair owners that desire to use the <br />property in an 'as -is' condition and expand the gravel parking lot. Some potential buyers do have longer -term <br />expansion plans with new buildings and paved parking lots, but none have been able to commit to an exact <br />timeframe. <br />Staff also has an extensive code enforcement case history on this property. Staff is concerned that potential buyers <br />that have expressed interest will continue to perpetuate these off street parking and outside storage issues. <br />Structures on the site are in need of rehabilitation. <br />This parcel is highly visible and is located in our informal 'gateway district' at our eastern border with Anoka. Part <br />of the City Council's Strategic Plan and City's Comprehensive Plan is to improve the image of key corridors, <br />especially Highway 10. This strategy would help implement these objectives. <br />The Anoka County Tax System has assigned a tax assessed value of $260,700. <br />Staff has not conducted any environmental analysis on the parcel. This would be included as part of the "Due <br />Diligence" process if a purchase agreement if entered into. <br />Funding Source: <br />The acquisition could be funded with EDA Funds or City HRA Funds. Currently the available EDA Cash balance is <br />$1,363,000. <br />Recommendation: <br />Staff recommends that the City make an offer in the amount of $260,000 for 6336 Highway 10 NW; contingent on <br />satisfactory environmental review. <br />Action: <br />Motion to recommend that the City Council make an offer in the amount of $260,000 for 6336 Highway 10 NW; <br />contingent on satisfactory environmental review. <br />Listing <br />TIF Redevelopment Feasibility Analysis <br />Market Analysis <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan Sean Sullivan 03/05/2020 11:10 AM <br />Tim Gladhill (Originator) Tim Gladhill 03/05/2020 01:28 PM <br />Sean Sullivan Sean Sullivan 03/05/2020 01:41 PM <br />Tim Gladhill (Originator) Tim Gladhill 03/05/2020 01:46 PM <br />Form Started By: Tim Gladhill Started On: 01/09/2020 07:31 AM <br />Final Approval Date: 03/05/2020 <br />