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Mounds View EDA May 14, 2001 <br />Regular Meeting Page 2 <br /> <br /> <br />7. CONSENT AGENDA <br /> <br />None. <br /> <br />8. EDA BUSINESS <br /> <br />A. Consider Approval of Resolution 01-EDA-148, a Resolution Approving and <br />Authorizing the Expenditure of Tax Increment Funds for the Acquisition of <br />3016 County Road H2 for the Purpose of Future Redevelopment. <br /> <br />Economic Development Coordinator Parrish explained that on Wednesday of last week Staff had <br />the opportunity to look at property located at 3016 County Road H2 when they learned it was <br />available by driving by. The property was viewed and Staff feels purchasing the property would <br />be an opportunity to allow for future redevelopment in the area. He noted the City has control of <br />other property in the area and has contemplated redeveloping the area into a residential <br />subdivision. <br /> <br />Economic Development Coordinator Parrish noted that, after consultation with the City <br />Administrator, Staff entered into a purchase agreement for the purchase of the property at a <br />reduced price of $150,000. <br /> <br />Economic Development Coordinator Parrish stated that Staff anticipates that, should the City <br />purchase the property, the lot could be subdivided and the lot with the house sold or rented until <br />the EDA has a clear indication as to how it wishes to proceed in that area. <br /> <br />Commissioner Thomas inquired as to the value of the subdivided property behind the house if <br />the house is sold for $130,000. <br /> <br />Economic Development Coordinator Parrish stated he felt the City would come out ahead as it <br />would subdivide at the minimum one (1) acre. He then noted the value of the subdivided lot is <br />speculative at this point but taking into consideration the potential for creating a new residential <br />subdivision he estimates that the City could net approximately $230,000 on the deal. <br /> <br />Commissioner Thomas stated she did not want to discuss the hypothetical scenarios for the <br />property but wanted to know the assessed value of the subdivided piece of land knowing there is <br />not currently access to it. <br /> <br />Commissioner Quick clarified that the land is not landlocked as the City owns the property on <br />the east side of it and noted a developer would put in a road. <br />