08-09-1999 EDA - Laserfiche WebLink

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Item No. SR Meeting Date: 8-9-99 Staff Report No. Type of Business: EDA WK:Work Session;PH:Public Hearing; CA:Consent Agenda;EDBA:EDA Business Mounds View Economic Development Authority Staff Report To: Mounds View Economic Development Authority From: Steve Dorgan, Housing Inspector Item Title/Subject: 6991 Pleasant View Drive Sale of Property to Vista Construction, Inc. Date of Report: August 3, 1999 SUMMARY At the city council workshop meeting on May 3, the council directed staff to arrange for the sale of the city owned property at 6991 Pleasant View Drive for redevelopment purposes. The EDA picked a 1' and 2nd choice out of five submitted proposals. The 1"choice, Marquis Builders, Inc., recently rescinded their proposal because the buyer backed out of their agreement(attachment 1). The EDA had signed a Participation Agreement with Marquis Builders which required the developer to provide a $500 deposit on the property. The $500 deposit is nonrefundable. Staff has begun negotiating with the second developer for the sale and redevelopment of the subject site. The proposal submitted by Vista Construction, Inc. included the purchase of the lot from the EDA for $47,250 for the construction of a 1,860 finished square foot four level split entry home. The home will have 3 bedrooms, two bathrooms and a 3-car garage (attachment 2). Staff is in the process of revising the purchase and redevelopment agreement, which will also include a financial agreement in the amount equal to the improvements on the property as required by the HRP policy. ACTION TO BE CONSIDERED Approve Resolution No. 99-EDA-116 for the sale of the city owned property located at 6991 Pleasant View Drive to Vista Construction, Inc. for the purpose of redeveloping the subject site. Rick Jopke, Co unity Development Director Attachments: 1) Letter to Rescind Proposal, Marquis Builders, Inc. 2) Proposed Home, Vista Construction, Inc. 3) Resolution 99-EDA-l16