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Item No: EDA 7C Meeting Date: May 13, 2013 Type of Business: Business City of Mounds View Staff Report To: Mounds View Economic Development Authority From: James Ericson, Executive Director Item Title/Subject: Authorization and Approval of the Authority's Purchase Offer for the Property Located at 2400 County Road H2, Mounds View, Ramsey County, Minnesota, and Approval of the Terms and Conditions and Purchase Agreement Introduction: The Mounds View Economic Development Authority, acting as the City Council, has met on March 25, 2013 and April 22, 2013 pursuant to Minnesota Statutes Sections 13D.05, subdivision 3(c), to conduct closed sessions to review and consider strategies and to develop or consider offers or counteroffers for the purchase or sale of an interest in real or personal property located in the City at 2400 County Road H2. Discussion: The City Council directed staff to engage the services of a real estate broker to negotiate with the seller on the City’s behalf. A letter of intent dated April 24, 2013 was executed by the broker and seller and returned to the City on April 29, 2013. The letter of intent indicated a purchase agreement would be provided to the seller at the agreed upon price of $729,000, subject to numerous conditions and contingencies to protect the City’s interests. The Purchase Agreement (attached) has been executed by the seller and now awaits EDA consideration. The property located at 2400 Co. Road H2 is zoned B-3, Highway Business Commercial, which the Comprehensive Plan designates as Mixed-Use Planned Unit Development on the Future Land Use Map. The parcel has been utilized as a bar and restaurant since originally constructed in 1973. The lot is 2.05 acres and borders three streets—County Road H2, Edgewood Drive and Greenfield Avenue. The EDA already owns the parcel formerly known as the “Premium Stop”, located across Greenfield Avenue fronting County Road 10. Acquisition of the property would be consistent with the City Council’s priorities relating to the Co. Road 10 corridor. Recommendation: Resolution 13-EDA-277 is attached for the Authority’s consideration which authorizes and approves the Authority's purchase offer for the property located at 2400 County Road H2, Mounds View, Ramsey County, Minnesota, and approval of the terms and conditions and Purchase Agreement. Respectfully submitted, ________________________ James Ericson City Administrator