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8.3. SR 03-16-2015
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8.3. SR 03-16-2015
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<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 8.3 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessMarch 16, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item Description Reviewed by <br /> <br />Sale of Lots 1 and 2, Block 1, Natures Edge Cal Portner, City Administrator <br />Business Center II (GATR) <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Respond to purchase agreement received for Lots 1 and 2, Block 1, Natures Edge Business Center II <br />(NEBC II {GATR}). <br /> <br />Background/Discussion <br /> <br />The EDA is expected to provide a recommendation, after their meeting on March 16, 2015. This <br />recommendation will be provided verbally. <br /> <br />The city has received a purchase agreement to purchase Lots 1 and 2, Block 1, NEBC II from GATR of <br />Sauk Rapids. <br /> <br />The purchase agreement proposes the purchase of the two lots at the asking price of $2.25 per square <br />foot. GATR will provide 10 percent in earnest funds. <br /> <br />GATR proposes closing by June 5, 2015, though this date may change through mutual agreement. The <br />contingency date is April 30, 2015. Contingencies include: environmental testing, land use approvals <br />(rezoning, lot combination, easement vacation, site plan approval, tax abatement), and clean title. <br /> <br />Analysis <br />The agreement proposes the sale at market value, paid at closing. The contingency date proposed will <br />need to be extended to May 19 at minimum to accommodate city review timelines. <br /> <br />It is not yet clear what tax abatement they are requesting, or for what purpose. The city’s Business <br />Subsidy Policy does not allow for the use of tax abatement for service or retail businesses. The policy will <br />need to be amended and presented to DEED for approval. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> <br /> <br /> <br />Purchase agreement (to be distributed at the meeting) <br /> <br /> <br />
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