HRA PACKET 09142021 - Laserfiche WebLink

Home Browse Search

MEMORANDUM To: St. Anthony Village Housing & Redevelopment Authority From: Charlie Yunker, City Manager Date: September 14, 2021 Saint Anthony HRA Meeting Request: Approving the Land Swap Agreement between Bremer Bank, N.A. and the City of St. Anthony Housing and Redevelopment Authority (HRA) OVERVIEW For your consideration is a Land Swap Agreement between Bremer Bank, N.A. and the City of St. Anthony HRA. Bremer Bank, N.A. would acquire the city owned parcel at 2654 Kenzie Terrace, and the city would acquire the .32 acre Bremer Bank owned property at 2534 Kenzie Terrace at the intersection of Kenzie Terrace and Lowry Ave NE for a new City Gateway entrance node. BACKGROUND The City Council reviewed a preliminary concept plan for a multi-party project when the Council discussed a tax increment financing proposal from Trident Development, LLC at its Work Session on November 13, 2019. Trident Development, LLC has entered into an agreement with Bremer Bank, N.A. for redevelopment of the property at 2401 Kenzie Terrace. The Saint Anthony HRA approved a previous version of the land swap agreement at its meeting on October 27, 2020. Subsequent to the approval Trident Development, LLC withdrew from the project, and the closing of the land swap did not take place. After continuing discussions with Bremer Bank, N.A. it was determined that the bet course of action was to terminate the agreement until such time as a new third-party can be identified to continue the project. The notice of termination was presented to the HRA at their March 9, 2021 meeting. A new developer has joined the three-party arrangement and has re-engaged the City on the land swap agreement. Since the previous version was approved, additional site clean-up costs have been identified on the 2654 Kenzie Terrance site, and the developer has proposed that the City share in the costs for remediation of approximately 50%, and not to exceed $60,000.00. Otherwise, the agreement is unchanged from the previous version in substance. RECOMMENDATION Staff recommends approval of Resolution 21-0xx, as the substantive aspects of the agreement are unchanged, and sharing of the remediation costs is reasonable. The City Attorney has reviewed the agreement and advises that it can be approved at this early stage, as there are sufficient contingencies in place to protect the city. ATTACHMENTS: •Map of the area with the parcels highlighted •Redlined agreement •Resolution 21-0xx