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Item No. <br /> Staff Report No. <br /> Meeting Date: 8/3/98 <br /> Type of Business: WK <br /> WK: Work Session;PH:Public Hearing; <br /> CA: Consent Agenda;CB:Council Business <br /> City of Mounds View Staff Report <br /> To: Mayor and City Council <br /> From: Rick Jopke, Community Development Director <br /> Item Title/Subject: Discussion of the Purchase of the Midland Videen Property <br /> Date of Report: July 29, 1998 <br /> Summary: <br /> At the June 22, 1998 meeting,the City Council authorized staff to enter into an option agreement <br /> to purchase the Midland Videen property and to send out an RFP to solicit developer interest. <br /> Staff has negotiated an option agreement with Terry Moses,the owner's representative, and have <br /> agreed on the terms of an agreement. The City Attorney's office has drafted the option <br /> agreement. The cost of the 6 month option to purchase the property is $20,000. The purchase <br /> price of the property is $240,000. The $20,000 option price would be credited towards the <br /> purchase price if the City exercises its option to purchase the property. <br /> As previously discussed with the City Council,the developable portion of the site would be <br /> combined with the remnant parcel of city-owned land that would be created by the realignment <br /> of Edgewood Drive. A developer would then be sought to develop the combined site through an <br /> RFP process. At this time the City does not have a development agreement with the developers <br /> of the theater site covering the development of the new street through the site, a signalized <br /> intersection, and the realignment of Edgewood Drive. If Edgewood Drive is not realigned,then <br /> no remnant city-owned site is created which reduces the need to acquire the Midland Videen site. <br /> For that reason staff suggests that the option agreement not be entered into until it is certain that <br /> the realignment of Edgewood Drive will occur. <br /> Recommendation: <br /> Staff recommends that the City Council direct staff to take no action concerning the execution of <br /> an option agreement to purchase the Midland Videen site until the development agreement <br /> concerning the theater property is executed by all parties. <br /> p / <br /> Rick Jopke, ommunity Development Director <br /> N:\DATA\USERS\RICKJO\SHARE\8398MIDV.RPT <br />