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Acquisition of 1,4050 Basalt St NW <br /> <br />By: Scan Sullivan, Economic Development / TIF Specialist <br /> William Goodrich, City Attorney <br /> <br />CASE # <br /> <br />Background' <br /> <br />Staf'l' has been directed by the EDA to facilitate development and redevelopment activity <br />and to acquire properties in the City's Development District No. 1' as willing setlers put <br />their properties on the market. Staff has negotiated a sale with a willing seller and is <br />excited about redeveloping a property that has been vacant for over a year. Staff has <br />obtained an appraisal and an environmental assessment of the property and has presented <br />an offer of $315,000 for the property contingent on City Council approval. This purchase <br />pt'ice requires the City to assume and be .made responsible for payment of all <br />environmental clean-up costs associated with the site. The appraisal for $280,000 was <br />completed in February of 2005 so it is feasible that the value would have increased <br />significantly due to development in the surrounding area. The acquisition of this property <br />would be funded through TIF District No. 2. Staff feels that the acquisition of this <br />property is consistent with the development program of TIF district No. 2 and will <br />promote quality development on the site. Staff has advised the owner of possible <br />relocation qualification and benefits. It is the position of Staff that there is no business to <br />rt~iocate at the present time and that this land sale is not subject to relocation due to its <br />inactivity and open market sale. As of this writing, the owner has agreed to waive any <br />relocation. During the environmental assessment, it was determined that there were <br />significant clean-up issues, including high levels of PCB's, involved with the former <br />Saint Patti Terminals (Danny's Tranny) site. 'A grant was awarded to the City of Ramsey <br />fr'om Met Council for $295,000 to assist in the clean-up of this parcel. Staff is requesting <br />that the City Council approve the attached purchase agreement for the subject property <br /> <br />Recommendation: <br /> <br />StalY recommends that City Council accept the attached purchase agreement and to <br />p~rchase 14050 Basalt Street NW. <br /> <br />Council Action: <br /> <br />Approw: attached Purchase Agreement and acquire 14050'Azurite St NW. <br /> <br />Reviewed by: <br />Community Development Director <br /> <br />q <br /> <br />CC: 1.('}.25.05 <br /> <br />-297- <br /> <br /> <br />