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Item No 6A Meeting Date: June 22, 2020 Type of Business: EDA Administrator Review : ____ City of Mounds View Staff Report To: EDA President and Commissioners From: Brian Beeman, Assistant City Administrator Item Title/Subject: Consider 20-EDA-336 a resolution approving a listing agreement for EDA land and authorizing staff negotiations on behalf of the EDA. Introduction: Remax has successfully listed both the Tires N More (1.04 acres) and Simon’s (.59 acres) properties. The EDA owns a (.41 acre) vacant lot adjacent to these two lots for a total of 2.04 acres. In the past, the EDA has given direction to staff that the EDA may consider selling the EDA owned lot if a developer also purchases both the Tires N More and Simon’s properties. Remax would like to market the entire site as a redevelopment project but that doesn’t exclude them from selling the two lots separately. The lot was originally purchased by the EDA October 15, 2000 for $125,000 which included a small house. The EDA rented out the home for a short time. Since that time, the City demolished the home and the lot has sat vacant for several years. Ramsey County has place the current estimated market value at $64,300 for the lot. Because the EDA owns the lot, there is currently no taxable income from the property and Public Works maintains the lot. Discussion: At its June 8, 2020 regular meeting, the EDA reviewed the listing agreement and additional marketing materials from Remax. The EDA by motion, agreed to move forward in listing the EDA owned property with REMAX and instructed staff to prepare the resolution and have the City Attorney review any necessary agreements. It was decided that a price would not be listed in case the land is to be used as a bargaining tool. Instead, the price is listed as, “negotiable”. Remax has also agreed that it will market all three properties as one redevelopment area and that it will not charge the EDA for brokerage fees and any other fees. Strategic Plan Strategy/Goal: Create and maintain a positive business climate where businesses want to locate and remain in Mounds View. Maximize utilization of development space and current redevelopment sites. Fill vacant space and support redevelopment & development. Continue and focus on public relations activities. Financial Impact: None. Recommendation: Staff recommends that the EDA consider 20-EDA-336, A resolution approving a listing agreement for EDA land and authorizing staff negotiations on behalf of the EDA.