11/05/2020 EDAC Packet - Laserfiche WebLink

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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala MEETING DATE: November 5, 2020 TOPIC: Sale of Lots 12-13, Block 2, Carole's Estates 2nd Addition BACKGROUND The City of Lino Lakes owns 2.01 acres of property located at the NW corner of 77th Street and Lake Drive. It is temporarily being used for community gardens pending its sale and development. The property is zoned GB, General Business District, which allows for most service and retail uses. The Lino Lakes Economic Development Authority purchased lots 12-16, Block 2, Carole's Estates as part of a Public Safety complex including construction of a new Fire Station in 1990. The properties were transferred to the City as part of the project financing. In 1999, following completion of the Civic Complex, the City sold the former Police Station (Lot 15) to the American Legion. In 2007, as part of a potential redevelopment plan for City owned property, a feasibility study was completed for realigning 77th. The realignment was intended to restore full access to Lake Drive for properties northwest of the 77th/Lake intersection. Additionally, the project would aid in development of City owned properties north of 77th Street and properties to the south. The City recently acquired a single family residential lot for the future street realignment. In 2017, the City sold an additional one acre parcel (Lot 14) to the American Legion to facilitate a parking lot expansion. The City recently received an offer to acquire the remaining 2.01 acres for $6.00/SF ($525,000). The company, Vaquero Ventures Management, is also considering adjacent property to the south that would allow for additional redevelopment and realignment of 77th as planned. The have a national auto parts retailer that is interested and with the extra acreage would likely try to incorporate a food user, office building, or some other national retailer. Current commercial listings in the area include Holiday's vacant lot west of the convenience store on Town Center Parkway and the Anoka County property immediately adjacent to it. These properties, with 35W visibility, are being offered at $6.12/SF and $5.99/SF respectively. RECOMMENDATION Staff is requesting EDAC interest in selling the property, input on sale price, and any sale conditions the city should consider. ATTACHMENTS 1. General Location Map 2. Street Realignment and Concept Exhibit