EDSR MEMORANDUM 07-11-1994 - Laserfiche WebLink

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EDA Agenda Memo Page 3 July 11, 1994 Patrick Dwyer, Carol Mills, Hank Duitsman, and the writer of this • memo attended the July 5th meeting with Country Ridge Partnership. Mr. Tony Emmerich and Jay Johnson attended as representatives of Country Ridge. At the meeting, Emmerich and Johnson explained the background of its April 25th price of $556,750 ($16,375 per acre; $.376 per square foot) for the 34 acre business park tract. Based on the Panger/Benson consultation summary, the Negotiating Committee was comfortable that it could recommend to the EDA Commissioners a price of $296,208 ($8,712 per acre; $.20 per square foot) for the site. Country Ridge's price of $556,750 is well beyond the Negotiating Committee's recommended offer of$296,208. Both parties disagree on the site's intended use - based on the zoning ordinance and the comprehensive plan. As such, Country Ridge does not wish to "give the site away", and therefore, it is doubtful that future meetings with the Partnership will be held. Options that are available to the EDA include: • Recommend to the City Council that it initiate a rezoning of the 34 acre Country Ridge Partnership tract, the 25 acre Gagne site, and the property held by Hoyt Partners; thereby allowing one or more of the private sector owners to develop • a business campus; • Negotiate with Gagne or Hoyt Partners for the potential acquisition of its holdings; thereby enabling the EDA to own and develop a business campus. ACTION REQUESTED The EDA is asked to accept the Panger/Benson Appraisal Report and retain it for future business park reference. 8. Joint Meeting with City Staff/Utilities Commission If the EDA resolves to acquire and develop its own business park, it is appropriate to begin finalizing potential sources of funds for the infrastructure costs associated with this project. Should a business park fall on the private sector, then the infrastructure costs rest with a private developer. Initially, the Business Park Task Force vigorously pursued a Rural Electrification Administration (REA) grant/loan through Anoka • Electric Cooperative (AEC). This program would have provided up to