5. EDSR 02-11-2013 - Laserfiche WebLink

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* REQUEST FOR ACTION River To ITEM NUMBER Economic Development Authority 7. AGENDA SECTION MEETING DATE PREPARED BY January 14,2012 Annie Deckert,Director of Economic Development ITEM DESCRIPTION REVIEWED By Call Public Hearing for Disposition of Suzanne Fischer,Community Operations and EDA Property-Outlot A,Northstar Business Park Development Director REVIEWED BY Cal Portner,City Administrator ACTION REQUESTED Call Public Hearing for Disposition of EDA Property-Outlot A,Northstar Business Park. BACKGROUND/DISCUSSION On November 13,the EDA directed staff to advertise the sale of the lot through a public bidding process,following a request from Bryan Provo,owner and General Manager of Alliance Machine and Provo Enterprises,LLC, to purchase Outlot A in Northstar Business Park. A notice was published for two weeks in The Elk River Star News and a bid opening was held on January 9, 2013. A total of one bid was received: • Provo Enterprises,LLC $41,300 Staff recommends the EDA call a public hearing for Monday,February 11,2013,at 5:30 p.m. regarding the sale of the 43.75-acres of EDA-owned property in the Northstar Business Park to Provo Enterprises in the amount of$41,300. Staff will work with the city attorney to draft a purchase agreement for the sale of the parcel. The property is proposed to be sold in the amount of$41,300,which exceeds the appraised value of the property(appraisal completed on 12-7-12). Additionally,Provo Enterprises,LLC,will pay$1,750 to cover the cost of the property appraisal and all legal fees associated with the sale. Per state statute, appraisals are confidential until a purchase agreement is entered into. The purchase agreement includes the statutory requirements for the sale of EDA property. Minnesota Statues require the EDA to provide notice and hold a public hearing prior to the sale of the property. As indicated prior,the property cannot be platted and shall remain as is. FINANCIAL IMPACT Costs involved with this request will be paid by Provo Enterprises,LLC,with the exception of staff time. II E 1 E I NAME