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EDC Minutes June 18, 2004 Page 3 commercial property at 2525 County Highway 10, known as Gas & Wash. The EDA approved that an appraisal be undertaken for an amount not to exceed $4,000 to be paid from the City’s EDA funds. Written quotes were obtained from five Twin Cities commercial appraisal companies. Tisdell Appraisal Services, Inc. from Burnsville was selected. It had the most economical quote ($3,000) with the quickest completion time (three weeks). The appraisal was completed on May 27, 2004. Mr. Tisdell placed the market value at $819,000. On May 19, 2004 the Mounds View Planning Commission considered and approved a resolution recommending approval of the acquisition of the parcel at 2525 Hwy 10. The Commissioners determined that the City’s acquisition of the lot for redevelopment would be consistent with the Comprehensive Plan future land use. On May 24th the M.V. City Council authorized staff to negotiate a Purchase Agreement and present it to the Council for final action. Backman began negotiations with Calhoun Companies, the broker. The owners did not wish to go below a sales price of $820,000. Backman contacted several Twin Cities firms to get proposals for an environmental assessment of the gas station. Proposals were received from Peer Engineering, DPRA, and Applied Engineering. On June 14, 2004 Backman presented to the M.V. EDA a resolution to undertake the environmental assessment of the property. This was approved 4 to 1. Later that same evening at the City Council considered the Purchase Agreement for $820,000. This resolution was defeated on a 2 to 3 vote. Ulrich mentioned that another person had testified that they had a verbal agreement with the owners to buy the property, wanted to continue to operate the facility as a gas station, and mentioned that they would make improvements to the property. This person testifying at City Hall may have swayed several members of the Council. 5. Modification of the Economic Development Project Plan (TIF Mod.) to identify Parcels for Potential Acquisition: Backman asked members to consider the parcel map and proposed budget and contact him if they had any comments. On June 16th the Planning Commission passed the Project Plan Modification. On June 28th a public hearing will be held to discuss the modification. 6. EDC BUSINESS A. Discussing the renaming of County Highway 10: Due to limited time, this item was deferred for a later EDC meeting. 7. ADJOURNMENT Backman indicated that he had arranged for a tour of Liberty Enterprises new production area in Building G in the MV Business Park. Manning, Assist. Operations Manager, will be meeting the EDC members at the door prior to the tour. Given that the tour is to begin at 8:30 a.m., and there being no further business before the Commission, Johnson adjourned the June 18th meeting of the Economic Development Commission at 8:28 a.m. Respectfully submitted, Aaron A. Backman Economic Development Coordinator \\Trout\CommDev\Economic Development\EDC\Minutes\Min04\6-18-04.doc