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Page 2 of 2 <br /> <br />and INH to negotiate a Development Agreement, prior to its expiration (Jan 8, 2019), and for <br />both parties to complete due diligence. <br /> <br />5. The City Council considered an Ordinance Amendment (Ordinance 939) on Feb 26, 2018, <br />which would (1) update language to be consistent with MN Statutes; and (2) allow an indoor <br />shooting range within City Limits. The second part of the amendment was not approved, <br />hence, the Heartland proposal was removed from the project. <br /> <br />6. During the June 4, 2018 City Council Work Session, the Council considered two options by <br />INH; (1) 135-unit apartment building; or (2) 63-unit apartment building and Kwik Trip <br />gas/convenience store. INH’s presentation included a suggested land purchase price of <br />$225,000 for Option 1, or $750,000 for Option 2, and that no Tax Increment Financing (TIF) <br />would be requested. <br /> <br />The Council directed Staff and the developer to conduct a Neighborhood meeting, prior the <br />Council consenting to Option 1 or Option 2. A Neighborhood meeting was held on June 27, <br />2018. <br /> <br />7. The City Council considered Option 1 and Option 2 at its July 2, 2018 Work Session, <br />deciding that further discussion of the land sale price would occur at an EDA closed session <br />on July 9, 2018. <br /> <br />8. At the July 9, EDA closed meeting City Staff informed the Council of the comparable sales <br />research conducted internally by staff. The City Council directed staff to get an appraisal <br />completed on the Crossroad Pointe property by two appraisers before making a determination <br />on the acceptable price range between Option 1 and Option 2. <br /> <br />EDA Action Requested: <br />Staff requests that the EDA: <br />Closed <br />1) Hear a presentation from each of the two appraisal companies. <br />2) Determine an acceptable land sale price range for each option. <br /> <br />Open <br />3) Open the EDA meeting and decide which Option to pursue. Option 1 (all apartments) or <br />Option 2 (apartments & Kwik Trip) and direct staff to negotiate the price within the <br />Council’s price range and to work with the City Attorney to complete a Development <br />Agreement and any other necessary documents needed to complete the option chosen for <br />development. <br /> <br />ATACHMENTS <br />1) Lake State Realty Services, Inc. Appraisal <br />2) Nagell Appraisal Incorporated Appraisal