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Item No. 116 Staff Report No. Meeting Date: 10/26/98 Type of Business: CB WK: Work Session;PH:Public Hearing; CA:Consent Agenda;CB:Council Business City of Mounds View Staff Report To: Mayor and City Council Members From: Rick Jopke, Community Development Director Item Title/Subject: TOLD Development Co. Offer to Purchase City Owned Property. Date of Report: October 21, 1998 Background: When Edgewood Drive is relocated in the spring of 1999, a 1 1/2 acre remnant site will be created which could be developed. Also in the area is the Midland Videen property. It is located south of the Community Center property and east of Edgewood Drive. The property is approximately 9.4 acres in size. A wetland occupies a major portion of the property. There is approximately 1 1/2 acres at the southwest corner of the site that is developable. Because the two sites would be contiguous it makes sense to market them together to get the best development. The Midland Videen site also offers an opportunity to solve some parking and wetland mitigation problems on the adjacent Community Center site. In June of 1998 the City Council authorized staff(Resolution 5246) to enter into an option agreement to purchase the Midland Videen property and to send out a Request for Proposals (RFP)to seek unified well planned development on the parcels. An option agreement was drafted and given to a representative of the Midland Videen property owner. The option agreement has never been agreed to or signed by either the owner of the Midland Videen property or the City. Initially the City was waiting for final agreements on the theater property to insure that Edgewood Drive would be realigned and the remnant parcel created. The City is also proceeding with another alternative to solve the parking and wetland mitigation problem at the Community Center. The owner of the Midland Videen property has also been negotiating with other interested parties. City staff has drafted an RFP but has not sent it out because we do not control the Midland Videen property,the final plans for the realignment of Edgewood Drive have not been completed, and the exact size and configuration of the remnant parcel has not been determined. The City has recently received the attached Offer to Purchase the remnant parcel from TOLD Development Co. for $350,000. TOLD has a signed letter of intent to purchase the Midland Videen property. TOLD has not provided details at this time about how they would develop the properties. Bob Cunningham from TOLD Development Co. will be present at the Council meeting on Monday to discuss the project with the City Council.