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   <br />  <br />  STAFF REPORT  <br /> <br /> <br /> <br /> <br />TO: Planning Commission <br /> <br />FROM: Corrin Wendell, Community Development Director <br /> <br />DATE: November 10, 2021 <br /> <br />RE: VII.E. Minn. Stat. § 412.211 – Real estate acquisitions, sales, and other <br />dispositions <br /> <br />ACTION REQUESTED <br />A motion to recommend approval of the acquisition of property 2750 Rice Street to the City <br />Council in compliance with the City’s 2040 Comprehensive Plan. <br />BACKGROUND <br />The Planning Commission shall review and provide a recommendation whether a potential <br />purchase of the parcel at 2750 Rice Street would be in compliance with the City’s Comprehensive <br />Plan. <br /> <br />Site Evaluation <br />The property at 2750 Rice Street is zoned PUD, Planned Unit Development (underlying <br />Commercial). The 2040 Comprehensive Plan has this property guided towards C-2, Corridor <br />Mixed-Use. The parcel is currently a pawn shop and is expected to be sold. <br /> <br />Lincoln Pawn at 2750 Rice Street is now listed for sale. The property owner is interested in selling <br />both the building and the business. The existing building was built in 1922, and the parcel is only <br />.21 acres and does not provide direct access to the development property to the east. While a <br />project in this area will certainly be more difficult with the surrounding development that has <br />already been completed, this property may be a critical acquisition for future redevelopment. <br /> <br />As you may recall, this parcel was originally included in TIF District 3-2 which was initially <br />established in 1995 to redevelop property along Rice Street. This included the Sherman Associates <br />townhome and commercial development, however the pawn shop (2750 Rice Street) and several <br />other nearby parcels were not acquired and were ultimately not included in the project. This TIF <br />District (TIF 3-2) was decertified in 2017, however this parcel and a handful of other parcels in <br />the area that were not redeveloped were included in TIF District 7-1 that was created in 2017 for <br />the Suite Living senior housing development. Because of this, we already have a dedicated <br />funding source for acquisition of this property. <br /> <br />MN Statute 469.176 sub 6 requires that within four years from the certification date of a TIF <br />district, certain activities must have taken place on each parcel within the TIF district or the parcel <br />is ‘knocked down’ from the district and no increment can be collected from that individual parcel <br />for the duration of the district. The four-year deadline for TIF District 7-1 is January 28, 2024. The