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<br /> <br />Item No. 6A <br /> Meeting Date: March 23, 2003 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br /> <br />Mounds View Economic Development Authority Staff Report <br />To: Mounds View Economic Development Authority <br />From: Aaron Backman, Economic Development Coordinator <br />Item Title/Subject: County Road H2 Residential Development <br />Date of Report: March 20, 2003 <br /> <br /> <br />SUMMARY <br /> <br />During the spring and summer of 2001, City staff promoted a residential buildout project in the <br />southwest corner of the City of Mounds View. Correspondence was sent to all property <br />owners in an area bounded by County Road H2, Pleasant View Dr., Knollwood Dr., and <br />Woodale Drive. Residents were invited to a meeting to discuss potential housing <br />development in the area (eg. condos, attached townhomes, single family units) and were <br />asked if they were interested in subdividing their property for inclusion in the project. The <br />majority indicated that they wanted no development to occur and were not interested in <br />subdividing the large lots. A smaller number were open to development if it was limited to <br />single family homes. A neighborhood meeting in June 2001 reconfirmed these views. <br /> <br />Currently the City of Mounds View owns or controls approximately 6.5 acres in the north <br />central portion of the block. During the past month, one of the property owners, Blaine <br />Fyksen, has expressed a willingness to sell his property to the City. Mr. Fyksen owns three <br />parcels that border the City’s property to the west (See attached map). He does not want to <br />see high-density residential development in the area, but would be willing to sell if the property <br />would be developed for high-end homes (approx. $450-500,000 each) on 180’ lots. Ramsey <br />County estimates the Market Value of the parcels to be $426,600. Mr. Fyksen has not set a <br />firm price yet, but estimated that he might seek $700-750,000. It is anticipated that additional <br />negotiations would occur regarding the land price. <br /> <br />The majority of the property is wooded with aspen trees and some evergreens. The following <br />is parcel information for the Fyksen property: <br /> <br />Address/Parcel Size 2003 Est. Market Value <br />3048 Co. Road H2 / <br /> 2.58 acres <br />$212,000 <br />3032 Co. Road H2 / <br /> .48 acres <br />$119,300 <br />3024 Co. Road H2 / <br /> 1.53 acres <br />$ 95,300 <br /> <br />Total 4.59 acres $426,600 <br />