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April 19, 2013 <br />EDC Meeting <br />Item 5A – 2394 County Road 10 <br />Page 2 of 2 <br /> <br /> <br />Property Description/History <br />The former Taiko building is one-story, 1,663 square feet and sits on .48 of an acre. It was <br />built thirty years ago in 1983 as a Mister Donut and later became a Donut Connection. In <br />September 2005, the current owner, Krystal Maintenance, purchased the property for <br />$310,000 and began operating Taiko Japanese r estaurant in early 2006. <br /> <br />Discussion <br />In early February 2013, City staff inquired with US Bank regarding their interest in possibly <br />selling the mortgage note for 2394 County Road 10 prior to the expiration of the <br />redemption period. On March 15, US Bank responded to City staff that they are <br />completing “additional due diligence” in regards to the City’s inquiry. <br /> <br />The EDC discussed 2394 County Road 10 at their February meeting. Some of the items <br />discussed were as follows: <br /> <br /> Purchase price should reflect land value only <br /> Obtain demo bids prior to purchase offer <br /> Obtain comparable sales in the area if available <br /> <br />A comparable property in Mounds View is the former Thrifty Car Rental site located at 2975 <br />County Road 10. A sale of the property is pending but the sale price will not be available <br />until after the closing. Below is a side-by-side comparison of the two properties: <br /> <br />Former Thrifty Car Rental Former Taiko Japanese <br />Parcel Size: .58 acre Parcel Size: .48 acre <br />Building Size: 1,421 square feet Building Size: 1,663 square feet <br />Year Built: 1959 Year Built: 1983 <br />Zoning: Hwy Business Zoning; Hwy Business <br />Asking Price: $250,000 Asking Price: N/A <br /> <br />Recommendation <br />City staff recommends that the EDC provide a recommendation to the EDA regarding the <br />possible purchase of the 2394 County Road 10 mortgage note from US Bank. The intent <br />of the purchase would be to combine the parcel with the adjacent EDA-owned parcel to <br />better accommodate a future redevelopment of the site. <br /> <br />Respectfully submitted, <br /> <br />____________________________ <br />Heidi Steinmetz, Economic Development Specialist