09-26-1997 - Laserfiche WebLink

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Staff Memo To: Economic Development Commission Members From: Cathy Bennett, Director of Economic Development Date: September 17, 1997 SubjeCt: Consideration of Offer to Purchase 2625 Highway 10 for Retail Use (5.A.) At a previous meeting, the EDC reviewed a proposal for 16 Townhomes and the rehabilitation of Red Oak Apartments known as Silver Lake Commons. This proposal included the sale of EDA owned land located at 2625 Highway 10. Since that meeting the Silver Lake Commons proposal has changed and no longer includes the EDA owned land or the request for Tax Increment Financing assistance. We now have an offer to purchase the land for a retail use from Told Development Company. They are offering to purchase the property for $125,000 cash with $5,000 of earnest money. A purchase agreement is attached for your review. This proposal will go before the EDA at the work session on October 6th with formal action on October 13th. Told Development is unable to name the retail user at this time but has indicated that this use is not associated with gasoline, automotive, fast food or restaurant uses. The proposal includes the assembly of 3-4 single family homes on the northeast side of Eastwood Drive to enable access to the site off County Road I. (See preliminary site plan). Told is proposing purchasing more than enough acreage for this user to create an adequate buffer to the residential neighborhood. In addition they are suggesting the possibility of creating a cul-de-sac to lessen the traffic impact on the neighborhood. The proposal would require a rezoning, revision to the Comprehensive Plan, major subdivision, vacation of a portion of Eastwood Road and Development Review with adequate community input. The project would generate an estimated market value of $2 million and employ 30 people. It is possible that a small medical clinic could also be build on the site but that is speculative at this time. The building would be constructed with brick\block combination of materials and would be a flat roof with a decorative facade. Please take a moment to review the purchase agreement. I would like to generate a list of comments and suggestions for the EDA to consider in reviewing this proposa) next month. Bob Cunningham of Told Development will be at the meeting to review the proposal and answer any questions.