03-22-1999 EDA - Laserfiche WebLink

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EDA CITY OF MOUNDS VIEW MEETING MINUTES MONDAY, MARCH 22, 1999 10:27 P.M. 1. CALL MEETING TO ORDER 2. ROLE CALL: Coughlin, Marty, Stigney, Thomason. NOT PRESENT: Quick. 3. APPROVAL OF EDA MINUTES Motion/Second: Coughlin/ . To approve minutes of EDA for March 8, 1999. Ayes - 4. Nays - 0. Review of RFP request for proposal for sale of lot 6991, Pleasant View Drive. Steve Dorgan stated on the subject site,the staff has arranged for demolition of the building which should be completed in the first week in April and part of that we should begin setting out "for sale" lot to get the construction going as soon as possible with the tax rules as the policy dictates. Attached to the staff report are essentially the information, and that is standard as what we have sent out in the past. One issue that EDA may want to look at is setting a minimum for the lot. The appraised value for the land last June for purchase was $35,000. Once the RP is sent #. out and we receive bids back we will bring those back to the EDA for approval. Once the EDA issues a buyer, they would then turn to a participation agreement which will essentially hold the lot for them. They would provide a City a$500 deposit and that would hold that lot for 30 days until we have a purchase redevelopment agreement signed to sell the lot. Mr. Marty asked what does the City have tied up in this project. Steve stated the property was purchased for $60,500, and that was the appraised value of the land. The demolition is going to cost$7900. Additional staff and legal time, probably $68,000 to $70,000. The lot has an appraised value of$35,000. In speaking with some real estate agents, the lot will go for $40,000 to $45,000. There is some loss obviously to the investment part of the program. Motion/Second: Coughlin/Marty. To extend the meeting five minutes. Ayes - 4. Nays - 0. 24 U:\CARIS\COUNCIL\MINUTES\MVCC22.MAR