Laserfiche WebLink
�fJ <br /> ElkT_ Memorandum <br /> R "iV6r <br /> To: Cal Portner, City Administrator <br /> From: Jeremy Barnhart,Deputy Director, CODD <br /> Date: June 18, 2014 <br /> Subject: FAST Study Implementation-Yale Court <br /> At the direction of the Economic Development Authority (FDA), staff has prepared an <br /> implementation strategy for the Focused Area Study (FAST). Of signature focus is the <br /> necessary road connections on the west side of Highway 10, between 167`h (near Broadway <br /> Pizza) and 171"(near SuperAmerica). The FAST study noted the need for a frontage road <br /> system,which is critical to establish the permanent traffic patterns, so when the interchange <br /> is constructed,impacts to businesses will be lessened. <br /> To date,the EDA has directed the preparation of an appraisal of the Yale Court property, <br /> and the Council authorized the completion of a feasibility study to determine construction <br /> costs and impacted parcels. This report is due in August. <br /> Once the feasibility study is completed,a purchase plan will be developed toward the <br /> acquisition of parcels for sale. <br /> Currently, one parcel at the southern end of Yale Court is available for sale. This property is <br /> owned by Elk River Ford and marketed by Steve Rohl£ The asking price is $300,000. The <br /> County assesses it at$158,000, and an appraisal completed in April of 2014 lists the value at <br /> $68,000. There is a $299,900 mortgage on the property. Mr. Rohlf does not seem motivated <br /> to sell the property for any amount less than$300,000. <br /> Staff has also met with a potential developer,who desires to construct a multi-story <br /> residential project on the adjacent parcel,but utilizing the portion of the Yale Court parcel <br /> not used for the street. His project, still in the conceptual stage,would require an <br /> amendment to the Land Use Plan and zoning ordinance. <br /> Staff will continue to work with this developer pending the results of the feasibility study. <br /> Staff can be more aggressive on the acquisition,if so directed. <br /> P0WIeEa 0 <br /> N:\Public Bodies\Agenda Packets\07-07-2014\x10.2 at 1 Fast Study Implementation update.docx INAfURE1 <br />