Discuss Letter of Intent to Purchase Property - Sunwood Drive/Ramsey Boulevard  (Portions may be closed to the public)

A letter of intent to purchase real estate was provided by a convenience retail business for consideration by the Ramsey HRA. This convenience retailer is interested in purchasing real estate in the southwest corner of Sunwood Dr. and Ramsey Blvd. NW intersection in the NE corner of the larger parcel.

Staff believes the decision to be made by the HRA at this time is: Do we desire to sell this specific parcel, at the proposed price, for the proposed use before us? Staff worked through an internal economic development review committee to determine a unified recommendation. Below is a list of information for consideration.

Price: Current valuation of entire parcel per Anoka County is $3,429,500 or $5.35 per square foot. The property is 14.72 acres in size. This convenience retailer is interested in purchasing 1.37 acres in the northeast corner of the lot. This parcel's price, based upon the entire parcels valuation is $319,234.50 at $5.35 per square foot. McDonald's and industry comparable prices for retail land run $5-10 per square foot.

Zoning: The northeast corner of the larger parcel is permitted for convenience retail use.

Other: Tax revenue of proposed project, location of this convenience retailer at the entrance of the COR, design standards, best use of this parcel given current vision of the COR project area, impact of convenience user on value of remainder of parcel for large office campus user, and more.

Staff will provide a full analysis of the above considerations and Staff recommendation during closed session.

Comprehensive materials will be provided to the HRA during the closed session.

Staff is requesting a closed session, per MN Statute 13D.05 Subd. 3, to discuss the letter of intent and offer price.

Approve moving to a closed session to discuss the Letter of Intent