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City ol <br /> Request for Action <br /> RiVeor" <br /> To Item Number <br /> Mavorand City Council 43 <br /> T <br /> Agenda Section Meeting Date Prepared by <br /> 0:)nsent June 15, 2015 Arnanda Othoudt, F"conornic Development <br /> Director <br /> Item Description Reviewed by <br /> Letter of Intent to PurchArSC Propertyr and -Cal Fortner, City Administrator <br /> Authorize Appraisal on Real Propetty Iodated at Reviewed by <br /> Corner ofJoplin Street and Highway'10 <br /> Action Requested <br /> Approve, by motion, the letter ofintentto purchase real property located at the Intersection of Highway <br /> 10 and Joplin Street and authorizing an -appraisal to be conducted on the property. <br /> Background/Discussion <br /> Staff has been working with developer interested in the development of city-owned property located at <br /> the corner of Joplin Street and Highway 10. The developer is proposing improvements to the site with tip <br /> to three cornryiercl-al/retail buildings. The developer has indicated that these cornmercial/ret-all buildings <br /> may include a national client with a drive thru, a regional*onal client, and alloxv for local business development <br /> in a multi-tenant building. <br /> Internally, staff met to discuss any concerns with the sale and development of the subject property. No <br /> immediate concerns were addressed in relation to the sale of the property. The project is still subject to <br /> site plan review with staff once a purchase agreement is reached and a formal land use application is <br /> submitted. <br /> Staff recommends entering into an agreement with the developer through the I titter of Intent and <br /> authorizing a property appraisal to determine the current market value. Further discussion and <br /> negotiations regarding the sale price of the property,will be discussed with the developer once the <br /> appraisal is obtained. <br /> Financial Impact <br /> None: <br /> Attachments <br /> Elbert Construction Letter of Intent to Purchase <br /> P (11 W I H I P fli T <br /> Template V 1pcfaed<}/1W INATURE <br />