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Dec. 16, 2011 EDC Meeting <br />Item 5A – 2832 County Road 10 <br />Page 2 of 3 <br /> <br />Discussion <br />The property is currently in “court appointed receivership”. Per court order, the process of <br />selling the property was recently authorized. On November 21, 2011, the listing agent for <br />the property told City staff that the asking price is $316,800. This is $110,700 less than <br />Ramsey County’s 2012 estimated market value of $427,500. Attached is the marketing <br />brochure for the property. <br /> <br />Due to the reasonable asking price and the fact that the EDA owns a single-family lot <br />adjacent to the property, staff is recommending that the EDC consider recommending to <br />the EDA that the EDA make an offer to purchase the property for redevelopment purposes. <br />The redevelopment of the site would remove a blighting influence on the community and <br />eventually maximize future property taxes on the site. <br /> <br />The property is part of an area that has been slated for redevelopment since at least 2002 <br />with the completion of the latest County Road 10 Redevelopment and Revitalization Plan. <br />The redevelopment area includes three parcels (2832 County Rd 10, 2840 County Rd 10 <br />and 7861 Groveland Rd). The 2840 County Rd 10 parcel is not for sale at this time. <br /> <br /> <br />2832 County Rd 10 <br />Vacant “PAK” Building <br />$427,500 <br />2012 Est’d Market Value <br />$316,800 <br />Asking Price <br />7861 Groveland Rd <br />Vacant City-Owned Lot <br />$67,200 <br />2012 Est’d Market Value <br />2840 County Rd 10 <br />Tenant Occupied Building <br />Royal Supply & ABC Liquor <br />$337,300 <br />2012 Est’d Market Value