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September 18,2009 EDC Meeting <br /> Item 6A—Burger Time Concept <br /> Page 3 of 3 <br /> • Mr. Huempfner suggested that Mounds View City officials review and discuss the Burger <br /> Time concept. Input from the EDC and Planning Commission will provide value to the City <br /> Council when they discuss this concept at their October 5, 2009 Work Session. <br /> If the EDA is receptive to Burger Time's concept, Burger Time may submit to the EDA an <br /> offer to purchase the former Premium Stop site. Currently, the EDA does not have an <br /> asking price for the property. City staff asked the EDA on May 12, 2008 to establish an <br /> asking price for the property because most commercial real estate brokers and buyers are <br /> more receptive to discussing a site when the property owner has an asking price. At that <br /> time, the EDA preferred not to establish an asking price and wanted to wait to sell the <br /> property when the real estate market improved. <br /> Last week, Burger Time's president/corporate real estate person inquired of the EDA's <br /> asking price for the former Premium Stop site. Based on the attached May 12, 2008 EDA <br /> minutes, staff responded that the EDA would probably begin negotiations using Ramsey <br /> County's estimated market value as a starting point, which is $446,000. Mr. Huempfner <br /> stated in an e-mail last week that Burger Time usually pays $250,000 for their land; <br /> however, land prices are different in cities outside of the Metro area. <br /> Recommendation <br /> Staff recommends that the EDC provide input to the EDA/City Council about the Burger <br /> • Time concept as it specifically relates to the former Premium Stop site located at 2390 <br /> County Road 10. Staff also recommends that the EDC provide input to the EDA/City <br /> Council about an asking price for the property. Staff will forward the EDC's input to the City <br /> Council for discussion at their October 5, 2009 Work Session. <br /> Respectfully submitted, <br /> Heidi Steinmetz, Economic Development Specialist <br /> Attachments <br /> 1. "Burger Time Enters the Local Burger Wars", Finance & Commerce, September 2, <br /> 2009 <br /> 2. May 12, 2008 EDA Minutes <br /> • <br />