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Item No: 7A Meeting Date: June 10, 2013 Type of Business: EDA Administrator Review : ____ City of Mounds View Staff Report To: Economic Development Authority (EDA) From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Resolution 13-EDA-278, Authorizing and Approving the Authority's Purchase Offer for the Property Located at 2394 County Road 10, Mounds View, Ramsey County, Minnesota, and Approval of the Terms and Conditions and Purchase Agreement Background The City Council’s 2013 Priority Statement includes an action step to “Consider targeted property acquisitions on a case-by-case basis to eliminate blight and to encourage redevelopment and land assembly”. An opportunity is available to the EDA to purchase a commercial property in the City that would encourage land assembly and redevelopment in a key redevelopment area of the City. The available property is the former Taiko Japanese restaurant building, located at 2394 County Road 10. The property is currently in foreclosure and will revert back to US Bank when the redemption period expires on July 5, 2013, unless a buyer purchases the property from the current owner prior to July 5th. The EDA owns a parcel adjacent to this property, which was the former Premium Stop gas station. The EDA will soon own another parcel adjacent to this property, which was the former Robert’s Sports Bar. Discussion Combining the former Premium Stop parcel, the former Robert ’s parcel and the former Taiko parcel would create a 3.81-acre redevelopment opportunity for the EDA. Below is a location map of the three parcels. Former Premium Stop 2390 County Rd 10 1.28 acres Former Taiko 2394 County Rd 10 .48 acre Former Robert’s 2400 County Rd H2 2.05 acre County Rd 10 County Rd H2