Agenda - Economic Development Authority - 01/14/2021

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and finished watermain lines to the site, acquiring property, and constructing garages. Also tabulated are notable pros and cons associated with each site. Potential WTP Site Added Estimated Project Cost Pros Cons Fire Station Site Public Works Site $3,253,000 L $3,058,000 Water Shop Site • Shared access and parking with Fire Station #1 • City owns property • Shared access and parking with PW facility • Shared security facilities • Shared generator • Garage not required • Private property acquisition required • Near residential parcels • Requires trip to site • Requires garage • City has received multiple inquiries to purchase this site for private development • Last large "City owned" parcel zoned for industrial development • City paid for Shovel Ready certification for private development and marketing of this site $3,583,000 • City owns property • Garage not required • Could be considered for replacement of redevelopment/economic development • Requires trip to site • Requires demo of existing building Vacant City Property Site $4,738,000 . City owns property • Requires trip to site • Requires garage • Property impacted by Ramsey Gateway Highway 10 Improvements In all scenarios, the properties remain or become tax exempt. There would be some degree of opportunity cost by not facilitating private development either as industrial or residential. The current Public Works parcels provide opportunities for economic development. For historical perspective, the former Bury and Carlson Site (now the listed as the Public Works Site above) was originally purchased exclusively for Public Works purposes. Several years ago, prior to the Bunker Lake Industrial Park and now Pearson South industrial area, there was an exercise to look at approximately 10 acres of the Public Works Site for economic development purposes. A lot has changed since that time in terms of new economic development opportunities as well as the current manganese level concern. From an operations and cost savings standpoint, the Public Works Site presents the best option for the Water Treatment Plant and is more in line with the original intent of the purchase. There will be remnant land available on this site after construction (3.5 acres) as well as the opportunity to redevelop the Water Shop Site and Vacant City Site (collectively). The urgent need for economic development opportunities is not the same when the Public Works Site was originally explored for economic development purposes. The economic development opportunities lost can be made whole while still benefiting Public Works Operations at a lower cost (reduced by $500,000). Notification: Observations/Alternatives: