3.1. SR 01-12-2018 - Laserfiche WebLink

Home Browse Search

Eclty1� ,.,�� Request for Action River To Item Number Mayor and City Council 3.1 Agenda Section Meeting Date Prepared by General Business January 12, 2018 Amanda Othoudt,EDD Item Description Reviewed by Resolution for Acquisition and Conveyance of Cal Portner, City Administrator Certain Property Between City of Elk River and Reviewed by New Resources,LLC Action Requested Adopt,by motion, a resolution for the acquisition and conveyance of certain property between the City of Elk River and New Resources,LLC. Background/Discussion Staff has been working with Beaudry Oil Company in the development of a new truck shop facility along Proctor Avenue. On July 3, 2017, the city established Tax Increment Financing (Redevelopment) District No. 24 which includes the development property. As part of this project, the city purchased three properties to the north of the proposed project with the intention to convey a portion of this property at no cost to the developer in exchange for property owned by the developer to the south of the proposed project at no cost to the city. The exchange of property will be in the form of quit claim deeds. The properties are being exchanged for fair market value. As such, the transaction described in this agreement does not constitute a business subsidy within the meaning of Minnesota Statutes, Sections 116J.993 through 116J.995. The purchase and development agreement outlines the obligations of both the city and the developer through the duration of the TIF District. Financial Impact Both the developer and the city will each pay half of the closing fees charged by the title company to close the transaction contemplated by the purchase and development agreement. Attachments ■ Resolution ■ Purchase and Development Agreement The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1