Agenda - Economic Development Authority - 12/11/2025

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investment to the community. Two properties in the COR, not included above, (CorTrust Bank and Roer's Apartments) totaling 4.7 acres are currently under contract and expect to close early in 2026. The City has 8 properties left to sell, mostly in the COR and currently listed, totaling 35.89 acres. One of these parcels is 15.53 acres and is located between the new Hilton Home2 Suites and Affinity at Ramsey. The EDA has previously communicated concerns that the City owned too much land and that it was not supportive of adding land to the portfolio to sell. Based on the recent sale of approximately 40 acres of land inventory, Staff would like the EDA to revisit its willingness to temporarily add land to its portfolio for redevelopment purposes. EDA Considerations Staff believes that the acquisition, or facilitating the acquisition and/or redevelopment of Parcels 2, 3 and 4 would be a benefit to the City. Redevelopment of these sites including the demolition / renovation of buildings would increase the property value and future property taxes. In the opinion of Staff, if the City were to acquire one or two of these parcels, it would not require a lengthy duration to facilitate redevelopment activities and the City would also recoup most of the acquisition/redevelopment spent through the resale of property and taxes generated by the new development. Staff also believes that Parcels 2 and 3 will not redevelop quickly without City involvement and have the strong potential to have buildings and site conditions to deteriorate over time. Notification: None required. Time Frame/Observations/Alternatives: Based on the above information and EDA discussion, Staff is looking for direction from the EDA to pursue acquisition, or to facilitate redevelopment through incentives, for TIF for Parcels 2, 3 and 4. This action would only be supported by Staff if the property owners are willing sellers / re -developers. Alternatives (in no particular order) by the EDA could include: 1) Direct Staff to enter into negotiations to acquire and redevelop Parcels 2, 3 and 4 if the property owners are willing sellers and to bring back negotiations to the EDA for future consideration. (Land Acquisition) 2) Direct Staff to work with property owners of Parcel 2, 3 and 4 to facilitate redevelopment utilizing incentives for demolition/acquisition/site improvements. (Land Acquisition/Site Improvements/Demolition/Incentives) 3) Direct Staff to work with property owners of Parcel 2, 3 and 4 to facilitate redevelopment utilizing incentives for demolition only. (Demolition Incentives Only) 4) No Action. 5) Something Else. In addition to determining what level of activity the EDA feels is appropriate to help facilitate or expedite redevelopment/investment in the area, the EDA should consider how much of the available funding sources (RLF, City HRA (Anoka County), EDA Unencumbered Fund balance, and to a lesser extent TIF 14) could be utilized without impacting the ability to participate in other projects.(i.e. RALF Redevelopment and other larger projects with community -wide impact. Funding Source: Possible Funding Sources: TIF 14 until November 28, 2026 (acquisition, site improvements, demolition) - It should be noted that currently there are no TIF Funds available. Any TIF used will need to be generated by new improvements. EDA unencumbered Fund Balance (acquisition, site improvements, demolition) - $1,650,000 balance City HRA allocation from Anoka County (acquisition, site improvements, demolition) - $2,208,514.97 City RLF (acquisition, site improvements, demolition) - $253,000 Recommendation: