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04-26-2004
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04-26-2004
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MV EDA
EDA Document Type
Council Packets
Date
4/26/2004
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Item No. 6A <br />Meeting Date: April 26, 2004 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br /> City of Mounds View Staff Report <br /> <br />To: Mounds View Economic Development Authority <br />From: Aaron Backman, Economic Development Director <br />Item Title/Subject: Resolution No. 04-EDA-184, Authorizing Staff to <br />Arrange for an Appraisal of the Commercial <br />Property, known as Gas & Wash, at 2525 County <br />Highway 10 in Mounds View <br /> <br />Date of Report: April 26, 2004 <br /> <br /> <br />Background: <br /> <br />On June 18, 2002 Olson Harvey Convenience Stores, the present owner of Gas <br />& Wash, bought the gas station at 2525 County Highway 10 from Classic Touch <br />(Gas & Splash). The purchase price for the one-acre site at the corner of Long <br />Lake and Hwy 10 was $1,080,000. While inside sales and car wash revenues <br />have been increased, the fuel sales have not met expectations. In the fall of <br />2003 the owners, Dave Olson, Ron Olson, and Jeff Harvey, contracted with <br />Calhoun Companies to sell the property. They operate three other gas stations <br />in the Twin Cities area. Jeff Krieg, the broker from Calhoun, indicates the sale <br />price of the property is $850,000. <br /> <br />The gas station at 2525 Co. Hwy 10 is the only privately owned property on the <br />triangularly shaped block bounded by Bronson Drive, Edgewood Dr., Co. <br />Highway 10 and Long Lake Road (See attached map with the highlighted <br />property). The City of Mounds View has a high concentration of its public <br />facilities located within this block—City Hall, the Water Tower, Well #2, Main <br />Treatment Plant & Well #3, Water Reservoir, Booster Station, Public Works <br />Facility/Shop, Cold Storage Building, and a City Park. <br /> <br />Discussion: <br /> <br />There are three reasons that the City of Mounds View could consider for <br />acquiring this property. First, acquisition could facilitate implementation of the <br />County Road 10 Redevelopment and Revitalization Plan that the City Council <br />adopted on August 20, 2002. To improve highway safety, the plan calls for <br />realigning various intersections (See pages 23 and 35). A voluntary transaction
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