EDSR MEMORANDUM 12-08-1997 - Laserfiche WebLink

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EDA Agenda Memo December 3, 1997 Page 4 10 in facilitating a city land purchase by the end of this year, so efforts to negotiate with Chuck Christian were stepped up. Chuck Christian -Purchase Agreement with Bill Gagne Various Issues • Christian not scheduled to close with.Gagne until June 1998 • $1 per s.f. would purchase land and pay assessments • $195,000 for a possible land purchase by end of 1997 may be incentive enough for Chuck Christian to close on the entire 20 acre parcel by the end of 1997 • Advantage is if Christian is in an ownership position,it is staff's feeling that a project would be more likely • There is an incentive to purchase property from Christian because this will move him into an ownership position on the entire parcel • Christian currently working with two prospects for development of approximately 50 percent of the parcel • Christian has informally requested up front land write down and payment of future frontage road assessments as part of an incentive to complete this project • • City could purchase approximately 4.48 acres along the east side of the 20 acre parcel - see attached map Complete Transaction by December 31, 1997 Staff has begun the platting and title work for purchase of a portion of the Emmerich property and it is likely this will be completed by the end of 1997. In the case of working with Chuck Christian, however, it may be necessary to escrow the funds with a title company and close on the transaction in 1998. Either of these two scenarios meet the intent of the state statute to either spend or commit these excess TIF funds prior to the end of 1997. Attachments • Letter from Bill Gagne • Draft of West Business Park Joint Development Agreement • Overall West Business Park Map • Original Plat Concept - Emmerich Property • Current Plat Concept • Possible Plat Concept - Gagne Property