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• <br /> Item No. 6A, <br /> Staff Report No. EDA-97-81C <br /> 1110 Meeting Date: . July 28, 1997 <br /> Type of Business: PH <br /> WK Work Session;PH;Public.[,rearing; <br /> • CA:Consent Agenda:EDAB:EDA Business <br /> Mounds View Economic Development Authority `•ft <br /> t ff R ort <br /> To: EDA Board Members <br /> From: Cathy Bennett, Director of Economic Development • <br /> Item Title/Subject: Public Nearing and Consideration of Resolution.No, 97-EDA72 <br /> Authorizing the Sale of Land Located at 2625 Highway 10 for <br /> the Purposes of a Redevelopment Project <br /> Date of Report: July 25, 1997 <br /> Reaspn for3'ublic.Hea ing <br /> Per Section 469.105 of the MN State Statues,an economic development authority may sell property <br /> owned by it within the city if it determines that the sale is in the best interests of the city and that the <br /> transaction furthers its general plan of economic development. The authority shall hold a hearing to <br /> allow taxpayers to testify for or against the sale. <br /> In 1994,Mounds View set up the EDA,and modified the tax increment districts into one project. At <br /> that time a public hearing was held which outlined the goals of the project.plan. As part of the <br /> project plan,the EISA:stated that It would take any necessary steps to achieve the goals as set forth in <br /> the plan such as goal number four which states the development of"senior/mature adult and/or other <br /> housing development partnerships or other multi use housing proiects and facilities". The necessary. <br /> steps to achieve the goals include the purchase and sale of land. Therefore,the EDA has already met <br /> the Statutory requirement to hold a public hearing on the purchase and/or sale of land within the <br /> entire City: Staff and the:EDA board-members felt that it was in their best interest and that of the <br /> community to give notice and hold a public hearing on the sale of 262$ Highway 10 to properly <br /> explain the proposed project of which the land°is requested to be part of and provide a public forum <br /> for comment, either for or against the sale,from the community. <br /> RRatlest;tp Purchase gP.A.Land: <br /> MSP Real Estate is requesting that the EDA sell the corner lot located at 2625 Highway 10 to enable <br /> the development of 16"nevy townhomes and the rehabilitation of 40 units at Red Oak Apartments. <br /> They are offering to buy the land for$1:35 per sq. ft. The land is approfdinately 35,000 sq.ft. <br /> Therefore, a purchase price of$47,000: This price is the same per square foot that they are purchasing <br /> the two vacant lots between 2625 Highway 10 and the Red Oak Apartments. In addition;MSP had <br /> the land appraised by a certified appraisal firm.: The appraised value was$1.20 per square foot or <br /> $42,000. <br />