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<br />Item No: 7A <br />Meeting Date: November 13, 2023 <br />Type of Business: EDA <br />City Administrator Review: ______ <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: Resolution 23-EDA-366, A Resolution Authorizing the Purchase of <br />Real Property <br /> <br />Background <br />At the September 25, 2023 EDA Closed meeting, the EDA discussed the potential purchase of 2716 <br />Hillview Rd for a redevelopment site. It was decided that this is a good site to assemble parcels for a <br />future development. The EDA’s attorney at Kennedy & Graven has prepared a purchase agreement <br />for the subject property for the EDA’s consideration. <br /> <br />Discussion <br />The residential property located at 2716 Hillview Rd has recently been occupied by family members. <br />The property is currently vacant. The EDA is aware that there may be additional costs incurred such <br />as securing the property, demolition, and other associated costs. The EDA to review, discuss, and <br />consider the proposed purchase agreement. <br /> <br />Strategic Plan Strategy/Goal <br />Maintain a positive business climate where businesses want to locate and remain in mounds view. <br />Finance top redevelopment areas Industrial/Commercial/Residential. <br /> <br />Financial Impact <br />Funds are available for redevelopment purposes. <br /> <br />Recommendation <br />Staff recommends that the EDA approve Resolution 23-EDA-366, a resolution authorizing the <br />purchase of real property located at 2716 Hillview Rd. <br /> <br />Respectfully submitted, <br /> <br /> ______________________ <br />Brian Beeman <br />Assistant City Administrator <br />Attachments(s): 1) 23-EDA-366, A Resolution Authorizing the Purchase of Real Property <br />2) Purchase Agreement