5.0. 6.0. 7.0. EDSR 02-08-1999 - Laserfiche WebLink

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Economic Development Agenda Memo February 8, 1999 Page 3 7. Discuss Concept for Post Office Relocation Issue Staff proposed to the postal service that they consider purchasing the west business park lot of approximately 4.5 acres which is owned by the EDA. Their warehousing and distribution operations could be constructed on this site with their retail operations being maintained somewhere in the central business district. The postal service has now requested that the EDA complete the attached "Offer to Sell Real Property" form. Completing this paperwork will formalize the EDA's offer to sell its property for this purpose. The EDA's offer to sell will be one of several which are presented to the postal service for their consideration. The EDA purchased the lot in the west business park for approximately $200,000 in December 1997,with excess tax increment dollars from TIF District No. 5. It appears that any proceeds from the sale of this lot are to be considered as tax increment dollars, because tax increment was the initial source used to purchase the property. If so, the dollars would have to be returned to the county for redistribution to the local taxing jurisdictions. Staff suggested in its previous correspondence with the postal service that this lot would potentially be available for purchase by the postal service at the same price that the EDA paid in December 1997. Staff feels this is an appropriate price given the EDA's attempt to give some incentive to the postal service to retain its retail operations in the central business district. Recommendation Staff recommends execution of the Offer to Sell Real Property containing a 60 day time limit and sale price of$200,000.