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~ ~ MAYOR <br /> ' ~ 13ii1 Blcsencr <br /> 7 i i~„~ <br /> ~ y~ ~,ase"" COUNCIL <br /> ,F~ Riel<Montour <br /> _ John Kcts <br /> 7 ~ ~ ~{~L~ Tna~a~a Michael McGraw <br /> <br /> ll .._GL..Lo~iG C% GGGG Shelly noss <br /> 516 Little Canaria Road, Little Canada, MN G5117-1600 ADMINISTRATY)I2 <br /> (G51) 7G6-4029 / PAX: (651) 766-h048 Jocl R. Manson <br /> www.ci.lit.tle-canada. nn7. us <br /> MIJM012ANDUM <br /> TO: Mayor Blesener & Members of the City Council <br /> PROM: Joel llanson, City Administratm• <br /> DATr: February 19, 2010 <br /> R>;: 12J Marco Purchase Agreement <br /> Attached is a proposed purchase agreement with RJ Marco Construction, Inc. for the smaller of the two <br /> parcels we created at 36 & Rice with the relocation of Viking Drive. This parcel is 18,160 square feet <br /> in site and is adjacent to property owned by the potential purchaser. It is my understanding RJ Marco <br /> is contemplating a small, retail building of approximately 5,500 square feet in sire. I do not know the <br /> exact nature of possible tenants. Ryan Politz of ILi Marco will be present at Wednesday's meeting to <br /> provide more information. <br /> The price offered for this parcel is $100,000 or $5.50 per square foot. While our new plat is not <br /> rcllected in the County's Geographic Information System and property tax data, it appears they have <br /> the value of this land estimated at $6.34 per square foot using an average of'the values of land making <br /> up the parcel. 'Che purchaser would also combine our site with some land they own to increase the size <br /> and viability of the parcel. <br /> As you may recall, we did project land sales associated with the relocation of Viking Drive and the <br /> ultimate redevelopment of this area. The price as proposed is within the parameter we contemplated, <br /> but other than comparison with Ramsey County's estimated market values, no other analysis has been <br /> done to determine the appropriateness of the offer. I will attempt to consult with our appraiser prior to <br /> Wednesday's meeting to obtain his cursory opinion. <br /> While the purchase agreement seems to be standard in nature, I would recommend it be reviewed by the <br /> City Attorney before execution if the Council feels the proposal makes sense. You may wish to <br /> provide other direction based on the information provided by Mr. Polite. <br /> cc: 12yan Politz, I2J Marco Construction, lnc. <br /> 1 <br /> <br />