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• Mounds View EDA May 12,2008 <br /> Regular Meeting Page 3 <br /> 88 <br /> 89 Commissioner Hull would like to hold off and see how it goes. He then said that he would like <br /> 90 to bundle some of these properties together. <br /> 91 <br /> 92 Vice President Stigney said that this is the wrong time to sell property if you do not have to. He <br /> 93 then said that he does not think that the sign will buy anything other than inquiries and the EDA <br /> 94 is discussing that this is not the time to sell in this market. <br /> 95 <br /> 96 President Marty said that he likes Commissioner Mueller's approach to get a sign on the <br /> 97 property. He then said that there are 20,000 to 25,000 cars passing through there each day and <br /> 98 that may generate a lead that would want to bundle some parcels together for redevelopment. <br /> 99 <br /> 100 President Marty said that there are two locations (examples) in the staff report that sold for about <br /> 101 the assessed price and two other locations were sold for considerably lower amounts. He would <br /> 102 like the property look up information to be registered somewhere that this property has <br /> 103 redevelopment potential. President Marty asked whether this property is on metromsp.org. <br /> 104 Economic Development Specialist Steinmetz indicated that the property is already on <br /> 105 metromsp.org. <br /> 106 <br /> el 107 President Marty indicated that he would like to hold off until something comes together for the <br /> 108 whole area but be open to a good offer in the meantime that would fit the City's vision. He then <br /> 109 said that he feels that the sign should be a minimal investment for the passive marketing. <br /> 110 <br /> 111 Commissioner Flaherty said that he did not look at this as the whole area but approved the <br /> 112 purchase to remove a blighted property from the City. The prices that were laid out are so far <br /> 113 from what was spent that he would be willing to market the property, but he is not willing to lose <br /> 114 money on the deal. <br /> 115 <br /> 116 President Marty indicated that he is not willing to settle for anything less than the assessed value. <br /> 117 <br /> 118 Vice President Stigney said that right now values are down and he has no intention of selling for <br /> 119 the present value unless it would be a business that would increase the tax base immediately, and <br /> 120 that is not likely to happen. He further said that he wants the EDA and the City to be made <br /> 121 whole on the purchase price. <br /> 122 <br /> 123 Economic Development Specialist Steinmetz indicated that Staff received an inquiry on the sales <br /> 124 price for the property. The interested party does not want to go public until the Agreement with <br /> 125 Master Development is expired, which is this Wednesday. She then said that it is a local <br /> 126 business that wants to expand. Staff did let the interested party know that the price is negotiable <br /> 127 but that was not good enough as they want a ballpark for what the City is interested in, or they <br /> 128 will come back with an offer based on comparable sales. <br /> 129 <br />