5.2.
HRA Regular Session
- Meeting Date:
- 07/23/2013
- By:
- Kurt Ulrich, Administrative Services
Information
Title:
Consider offer to purchase Outlot A of RTC 7th Addition (Portions may be closed to the public)
Background:
A letter of intent, dated May 28, 2013, addressed to HRA Chairperson Backous, was received from the office of Erhart & Elfelt, LLC. The letter of intent relates to a parcel of property that PSD, LLC was interested in exchanging with the HRA for another parcel of property.
The HRA considered the exchange of properties at their regular meeting of June 11, 2013 and directed staff to convey that an exchange was not desired, but that cash offers would be considered. A cash proposal has been submitted.
The HRA considered the exchange of properties at their regular meeting of June 11, 2013 and directed staff to convey that an exchange was not desired, but that cash offers would be considered. A cash proposal has been submitted.
Observations/Alternatives:
Parcel characteristics:
- 3.38 acres in size
- This parcel appears to be at-grade and to have good soil conditions.
- This parcel is on existing roadways with only minor road modifications needed.
- The parcel is close to COR amenities such as the Draw Park, Lake Ramsey, and the Parkway.
- The property is highly visible and and "entry-way" parcel to the development. Construction of a quality project on this site would be a plus.
- The City has had strong interest in this site from multi-family developers due to its location to transit and other site amenities.
- The property is a square-shape which maximizes its use for development.
- The HRA approved a similar development on this site in 2012 that subsequently fell through (see attached exhibit) .
- 3.38 acres in size
- This parcel appears to be at-grade and to have good soil conditions.
- This parcel is on existing roadways with only minor road modifications needed.
- The parcel is close to COR amenities such as the Draw Park, Lake Ramsey, and the Parkway.
- The property is highly visible and and "entry-way" parcel to the development. Construction of a quality project on this site would be a plus.
- The City has had strong interest in this site from multi-family developers due to its location to transit and other site amenities.
- The property is a square-shape which maximizes its use for development.
- The HRA approved a similar development on this site in 2012 that subsequently fell through (see attached exhibit) .
Recommendation:
It is recommended that the Council consider the purchase offer for this parcel in closed session.
Funding Source:
N/A unless a subsidy is considered.
Action:
Consider the purchase offer for this parcel in closed session.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich (Originator) | Kurt Ulrich | 07/18/2013 02:52 PM |
- Form Started By:
- Kurt Ulrich
- Started On:
- 07/18/2013 02:35 PM
- Final Approval Date:
- 07/18/2013