04-13-2022 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL APRIL 13, 2022 ECONOMIC DEVELOPMENT AUTHORITY MEETING At this point in the meeting, the City Council adjourned and convened as the Economic Development Authority. Keis introduced the following resolution and moved its adoption: RESOL UTION NO. 2022-4-54 — ADJOURNING THE CITY COUNCIL MEETING AND CONVENING AS THE ECONOMIC DEVELOPMENT A UTHORITY The foregoing resolution was duly seconded by Fischer. Roll Call Vote: Keis/Fischer/Torkelson/Miller Ayes (4). Nays (0). Resolution adopted. CONSIDER A PURCHASE AGREEMENT FOR 2750 RICE STREET The City Administrator explained that in early November, the City Council was informed that Lincoln Pawn at 2750 Rice Street was listed for sale. He stated the property owner wants to sell both the building and the business if possible. He explained the existing building was built in 1922, and the parcel is only 0.21 acres in size. He noted that while development of this site will be more difficult with the surrounding development that has already been completed, this property is a critical acquisition for future redevelopment. The City Administrator explained that this parcel was originally included in TIF District 3-2 which was initially established in 1995 to redevelop property along Rice Street. This included the Sherman Associates townhome and commercial development, however the pawn shop (2750 Rice Street) and several other nearby parcels were not acquired and were ultimately not included in the project. This TIF District (TIF 3-2) was decertified in 2017, however this parcel and a handful of other parcels in the area that were not redeveloped were included in TIF District 7-1 that was created in 2017 for the Suite Living senior housing development. Because of this, there is already a dedicated funding source for acquisition of this property. The owner is requesting a lease -back agreement through July 1, 2022. Fischer stated purchasing this property is something the City has wanted to do for a long time, and this is the first piece in a larger redevelopment project area. Torkelson introduced the following resolution and moved its adoption: EDA RESOL UTION NO. 2022-4-55 — APPROVE THE PURCHASE AGREEMENT AND ADDEND UM TO THE PURCHASE AGEEMENT FOR ACQUISITION OF THE PROPERTYLOCATED AT 2750 RICE STREET, PID 062922330002 The foregoing resolution was duly seconded by Miller. Roll Call Vote: Keis/Fischer/Torkelson/Miller Ayes (4). Nays (0). Resolution declared adopted. 3