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Mounds View EDA May 12, 2008 Regular Meeting Page 3 the acreage size and just put the telephone numbers for contact information. 87 88 Commissioner Hull would like to hold off and see how it goes. He then said that he would like 89 to bundle some of these properties together. 90 91 Vice President Stigney said that this is the wrong time to sell property if you do not have to. He 92 then said that he does not think that the sign will buy anything other than inquiries and the EDA 93 is discussing that this is not the time to sell in this market. 94 95 President Marty said that he likes Commissioner Mueller’s approach to get a sign on the 96 property. He then said that there are 20,000 to 25,000 cars passing through there each day and 97 that may generate a lead that would want to bundle some parcels together for redevelopment. 98 99 President Marty said that there are two locations (examples) in the staff report that sold for about 100 the assessed price and two other locations were sold for considerably lower amounts. He would 101 like the property look up information to be registered somewhere that this property has 102 redevelopment potential. President Marty asked whether this property is on metromsp.org. 103 Economic Development Specialist Steinmetz indicated that the property is already on 104 metromsp.org. 105 106 President Marty indicated that he would like to hold off until something comes together for the 107 whole area but be open to a good offer in the meantime that would fit the City’s vision. He then 108 said that he feels that the sign should be a minimal investment for the passive marketing. 109 110 Commissioner Flaherty said that he did not look at this as the whole area but approved the 111 purchase to remove a blighted property from the City. The prices that were laid out are so far 112 from what was spent that he would be willing to market the property, but he is not willing to lose 113 money on the deal. 114 115 President Marty indicated that he is not willing to settle for anything less than the assessed value. 116 117 Vice President Stigney said that right now values are down and he has no intention of selling for 118 the present value unless it would be a business that would increase the tax base immediately, and 119 that is not likely to happen. He further said that he wants the EDA and the City to be made 120 whole on the purchase price. 121 122 Economic Development Specialist Steinmetz indicated that Staff received an inquiry on the sales 123 price for the property. The interested party does not want to go public until the Agreement with 124 Master Development is expired, which is this Wednesday. She then said that it is a local 125 business that wants to expand. Staff did let the interested party know that the price is negotiable 126 but that was not good enough as they want a ballpark for what the City is interested in, or they 127 will come back with an offer based on comparable sales. 128