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1/3/12 − Work Session <br />Item 2 – PAK Building <br />Page 3 of 4 <br /> <br /> <br />Financial Impact <br />The financial impact to the EDA if they choose to purchase this property for redevelopment <br />purposes would consist of the purchase price and demolition costs. Staff would <br />recommend that the EDA offer a price of at least $50,000 lower than Ramsey County’s <br />2012 estimated land value. The City Council/EDA would not need to specify the exact <br />purchase offer in a public forum, yet the Council/EDA could provide City staff with a “not to <br />exceed” amount. If environmental cleanup is needed on the property, City staff would apply <br />for brownfield grants through Ramsey County or the State of Minnesota. <br /> <br />Demolition Bids <br />The demolition bids that City staff received are summarized below: <br /> <br />Veit Companies - $42,000 <br />Includes: Mobilization; Supervision; Demolition Permit; Dust Control; <br />Regulated Waste/Asbestos Survey; Utility Disconnects; Complete Building <br />Demolition; Bituminous Parking Lot Removal; Debris Disposal; Installation of 4” <br />of Topsoil Over Disturbed Area and Seed <br /> <br />Excludes: Asbestos/Regulated Waste Removal (Pending Survey); Well <br />Abandonment; Tank Removal <br />2832 County Rd 10 <br />.7 Acre <br />Vacant “PAK” Building <br />$427,500 <br />2012 Est’d Market Value <br />$316,800 <br />Asking Price <br />7861 Groveland Rd <br />.41 Acre <br />Vacant City-Owned Lot <br />$67,200 <br />2012 Est’d Market Value <br />2840 County Rd 10 <br />.59 Acre <br />Tenant Occupied Building <br />Royal Supply & ABC Liquor <br />$337,300 <br />2012 Est’d Market Value <br />Three Parcel <br />Redevelopment Site <br />1.7 Total Acres