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<br />Item #: 5A <br />Meeting Date: April 19, 2013 <br />Type of Business: EDC <br />Administrator Review : ____ <br />City of Mounds View Staff Report <br /> <br /> <br /> <br />To: Economic Development Commission <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Continue Discussion Regarding 2394 County Road 10 <br /> <br />Introduction <br />Foreclosure <br />The former Taiko Japanese restaurant property, located at 2394 County Road 10, is in <br />foreclosure. The Ramsey County Sheriff’s sale occurred on January 4, 2013. The <br />Sheriff’s sale price was $252.059.45. The property will revert back to US Bank when the <br />redemption period expires on July 5, 2013. <br /> <br />EDA Investment <br />The EDA owns the adjacent parcel. Combining the two parcels would create a 1.76-acre <br />lot to better accommodate a redevelopment project. The two parcels are part of the City’s <br />“Premium Stop Redevelopment Area”. Conceptual redevelopment planning was <br />completed for the area in 2006 as documented in the EDA’s “Premium Stop <br />Redevelopment Area Study”. <br /> <br />Below is a map showing the location of the two parcels: <br /> <br /> <br />EDA-Owned Parcel <br />2390 County Rd 10 <br />1.28 acres <br />Former Taiko <br />2394 County Rd 10 <br />.48 acre <br />County Rd 10 <br />County Rd H2