Consider Sale of City-Owned Parcel Southeast of the Future Lake Itasca Park

As part of the platting of commercial property west of Armstrong Boulevard and east of Puma Street, where the existing Bunker Lake Boulevard now exists, the city accepted land dedication in lieu of cash for Park Dedication. This 4.11 acre parcel was accepted in 2011 not as a dedicated park, but as a vacant parcel as the developer preferred not to satisfy Park Dedication with a cash payment. The city understood that in the future this land would be considered for development; commercial, residential or potentially as a park. The parcel may be sold with the proceeds to be dedicated to the Parks Trust Fund.

CBRE, the City's preferred broker, has listed for sale the property directly west of this property (just across Puma) and will soon be listing the property connected to this one—these listings are private and guided for residential use, per the City's current zoning map. CBRE has made mention that the City begin thinking about the sale of this property, as the residential market and absorption rates of land are robust at this time. CBRE has stated that residential developers are ready and willing to purchase land such as this. The subject parcel is in the middle of over 80 acres listed privately by CBRE. CBRE is encouraging determining the future use of the subject parcel as its value (materially and monetarily) is greater if linked to the parcels east and west for future residential development.

The 4.11 acre parcel is owned by the City of Ramsey, necessitating an introduction and adoption of an ordinance to sell the parcel, per the City Charter.  If the City desires to sell it, that process does take time - thus the timing of this case before the Commission now.

Please note the attached map of the subject parcel.


 

 

 

Alternative #1: Recommend to the City Council to ready the subject property for sale, as a part of the larger area but not in isolation, and to receive sale proceeds for the Park Trust Fund, as well as support the greater development plans set forth by the City's Comprehensive Plan.

Alternative #2: Decline recommending readying the subject property for sale.

Alternative #3: Any of the above alternatives with adjustments as discussed/necessitated at the meeting.

N/A

Staff is recommending Alternative #1.

Motion to recommend to City Council proceeding with Alternative #1.