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<br />rei ---'\) <br />( ); <br />trl{ <br /> <br />-r-.J-. <br />":-'<-;11 <br /> <br />~~/. <br /> <br /> <br />MEMORANDUM <br /> <br />River TO: <br /> <br />FROM: <br /> <br />Mayor and Council ii' <br /> <br />Marc Nevinski, Assistant Director. 0 <br />Economic Development . <br /> <br />DATE: <br /> <br />May 24, 1999 <br /> <br />SUBJECT: Purchase Offer on the Holt/Jackson <br />Parcel <br /> <br />Issue <br />This past week a purchase contract was received in the amount of $350,000 <br />for the Holt/Jackson parcel located on U.s. Highway 169. The buyer, T.S. <br />Restaurant LLC, is proposing to build a Denny's restaurant on the site. <br /> <br />. <br /> <br />Overview <br />The Holt/Jackson site is approximately two acres, however, due to its shape, <br />only about one acre is developable. The Planning Commission and City <br />Council concurred that the sale of the site would include the preservation of <br />the existing stand of pine trees. <br /> <br />The parcel is zoned Neighborhood Commercial and a Class I restaurant such <br />as Denny's, is required to obtain a CUP under the zoning ordinance. <br />Subsequently, the purchase contract presented to staff is contingent upon the <br />Planning Commission and City Council approving the site plan and issuing a <br />CUP. It is anticipated that the development proposal will be reviewed at the <br />July 19, 1999 Planning Commission meeting. Final consideration of the site <br />plan and CUP will then be made by the City Council on August 21,1999. <br /> <br />Attachments <br />. Zoning Ordinance <br />. Site Map <br />. Concept Plan developed by city staff <br />. Copy of $5000 earnest money check <br />. Purchase agreement <br /> <br />Recommendation <br />Staff recommends that the Council authorize execution of the attached <br />purchase agreement with changes from the City Attorney, Peter Beck. <br /> <br />. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 . TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br />