09/27/2004 Council Packet - Laserfiche WebLink

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• • STAFF ORIGINATOR: DATE: TOPIC: VOTE REQUIRED: BACKGROUND: AGENDA ITEM 3 Mary Alice Divine 9/27/04 Consideration of Resolution No. 04 -02 Authorizing the Sale of Property at the northeast corner of Highway 23 (Lake Drive) and Highway 49 (Hodgson Road) 3/5 The EDA owns 4.4 acres of property on the northeast corner of Hodgson Road and Lake Drive. This property was obtained as a part of the realignment of Hodgson Road. The property is zoned General Business and the intent of the EDA was to sell it for economic development -purposes E.G. Rud & Sons Land Surveyors has submitted a purchase agreement for the property for the location of its offices. The city completed an appraisal of the property. The appraisal indicated that the market would likely realize only 1.39 acres of the property as buildable, with the excess land providing some support site improvements, landscaping and view -shed amenity. Based on the 1.39 buildable acres, the appraisal placed the estimated value of the property at $300,000, or $4.95/sq. ft. An overhead power line traverses the site, and interferes with the use of the parcel and the view of the lake. The purchase agreement states that the city will pay for one -half of the cost of burying the power line, up to a maximum of $25,000. The buyer has put down earnest money on the parcel and the anticipated closing is before December 31, 2004. If an extension of the closing is required, additional earnest money will be required after this date. This resolution authorizes the sale of the property and directs staff and city attorney to execute the agreement.