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Case # 2 <br /> <br />CONSIDER SALE OF 14050 BASALT STREET TO ACE SOLID WASTE <br /> By: Scan Sullivan, Economic DevelopmentFfIF Specialist <br /> <br />Background: <br /> <br />Ace Solid Waste has presented an offer to the City to purchase the property located at 14050 Basalt St NW. <br />The City acquired that property for $315,000 last year and received a grant for the clean-up of the <br />contamination on the site. The City has begun the clean-up process and it should be complete early this <br />Summer. Ace has made an offer of $275,000 for the site and it is a reasonable offer. It should be noted that the <br />City acquisition cost included the structure on the property. The funds realized by the sale of the property could <br />be used to acquire additional blighted properties within the CBRA. <br /> <br />Observations: <br /> <br />The proposal Ace Solid Waste has presented does not guarantee a specific project being built at a specific time. <br />Ace is confident that they will build something at some point but need to address the ever changing market <br />conditions. This uncertainty has led to the decision of Staff not considering TIF for this project; Ace Solid <br />Waste has concurred. Ace has agreed to maintain t~ site in a professional manner until the time they build. <br />The reputation Ace has earned in the Community speaks for itself and warrants strong consideration for this <br />project. The proposal is attached to this case outlining what Ace plans to do. <br /> <br />Recommendation: <br /> <br />Staff recommends approval of the sale of 14050 Basalt St to Ace Solid Waste and to make that recommendation <br />to City Council. <br /> <br />EDA Action: <br /> <br />Motion to recommend sale of 14050 Basalt St NW to Ace Solid Waste and to recommend this action to City <br />Council. <br /> <br />EDA: 03.08.06 <br /> <br />10 <br /> <br /> <br />