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June 10, 2013 - EDA Meeting <br />Item 7A - Res. 13-EDA-278 <br />Page 2 of 2 <br /> <br />The EDC discussed the former Taiko parcel at their meetings in February and April 2013. <br />On April 19th, the EDC recommended that the EDA consider purchasing 2394 County Road <br />10 at an appropriate price. <br /> <br />Discussion <br />Per City staff’s direction, the City attorney drafted the attached Purchase Agreement <br />between the EDA and the seller of 2394 County Road 10, which is Krystal Maintenance, <br />Inc. The seller and his legal representative are currently reviewing the Purchase <br />Agreement. <br /> <br />The purchase price includes the loan amount owed to US Bank, property taxes and <br />additional fees associated with the foreclosure process. <br /> <br />A condition of the sale would be a “lease-back” provision allowing for the current owner <br />to lease the building from the EDA until redevelopment of the property occurs. <br /> <br />Recommendation <br />Resolution 13-EDA-278 is attached for the Authority’s consideration which authorizes and <br />approves the Authority's purchase offer for the property located at 2 394 County Road 10, <br />Mounds View, Ramsey County, Minnesota, and approval of the terms and conditions and <br />Purchase Agreement. <br /> <br />Respectfully submitted, <br /> <br />___________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br /> <br /> <br />Attachment: Resolution 13-EDA-278 <br />