07/09/2007 Council Packet - Laserfiche WebLink

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• • • AGENDA ITEM 6A STAFF ORIGINATOR: Mary Alice Divine DATE: July 9, 2007 TOPIC: First Reading of Ordinance 06 -07, conveying City owned land to Greg Anderson Development, LLC Vote Required: Simple Majority BACKGROUND: The City of Lino Lakes owns three acres of vacant property zoned General Business on Lake Drive, just north of 77th Street. In January 2007 the city entered into an agreement with Anderson Builders to allow them a period of time to investigate the development potential of the site. Anderson Builders has submitted a concept plan for development of the three acres. It includes a medical clinic and specialty medical services building with professional office space, and a multi- tenant retail center totaling approximately 27,000 sq. ft., for an estimated market value of $2.5 million. For consideration is a purchase agreement between Anderson Builders and the city for the three parcels at a price of $6.35 per square foot exclusive of an existing pond area for Lake Drive. The agreement outlines the actions to be taken by the city and developer prior to closing. Council's consideration of this development proposal should be based on consideration of the strength of the opportunity and whether this private development meets economic development and redevelopment objectives. Several factors are to be considered: • Tax benefits of increased market value • Leveraging additional private investment in the surrounding area • Motivated and qualified developer • Opportunities for future realignment of 77th Street • Redevelopment opportunities within the city's Town Center from residential to commercial properties. The city's Economic Development Advisory Committee has reviewed the proposal in draft form and has recommended that the city council enter into a development agreement with Anderson Builders for the sale of city property for development in substantial conformance with the concept plan. The city charter requires that disposal of any city property shall be done by ordinance.