10.2. SR 07-07-2014 - Laserfiche WebLink

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City of Elk=' Request for Action River To Item Number Mayor and City Council 10.2 Agenda Section Meeting Date Prepared by Work Session July 7, 2014 Jeremy Barnhart,Deputy Director, COD Item Description Reviewed by Focused Area Study Implementation—Yale Court Cal Portner, City Administrator Reviewed by Action Requested Receive information related to the implementation of the FAST study and provide direction. Background/Discussion Update Since the last update, staff has confirmed the access locations with MnDOT. MnDOT confirmed that with the construction of an interchange,all accesses between 173 Td and 165"'will be removed. Further, MnDOT confirmed that with the construction of an intersection,the at-grade intersections on the west side of the highway, south of 171" and north of 165`'',will be removed. Based on preliminary drafts of the surface road networks,much of the Yale Court lot will be necessary to provide the right-of-way for the design speeds and necessary width. Yale Court In response to the firm price requested by the owner of the Yale Court property, staff has identified a number of options available to the Council. Staff seeks direction as to how to proceed. Option 1. Purchase the property for the asking price, $300,000. This is significantly more than the $68,000 and the $158,000 market value suggested by the county,though it may be less costly than acquiring it through more aggressive measures. Option 2. Continue to work with a developer toward a private/public partnership,with the understanding that the property owner desires to construct a multi-story residential project, overlooking the river, on property currently guided and zoned commercial. Option 3. Wait on the acquisition of the property. There are a couple of challenges with this option,as there is no indication that the price will decrease with time, and the city runs the risk that a building permit could be applied for tomorrow and the city would have to issue it, requiring more costly modification. Option 4. Develop additional options for the routing of the west side surface road. The current alignment was identified to minimize impacts to existing businesses and separate commercial from residential traffic as much as possible. Relocating the alignment will almost certainly require the removal of existing businesses. NaA f RE]