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�, <br />Elk s �- <br />River <br />Request for Action <br />To Item Number <br />Ma Tor and CinT Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />GeneYal Business NovembeY 6, 2023 Brent O'Neil, Economic Develo ment DirectoY <br />Item Description Reviewed by <br />Resolution Transferring PYopeYtyr at 10835 170th Cal PortneY, Ci r Administrator <br />Avenue NW to the Economic Development Reviewed by <br />Authority (EDA) <br />Action Requested <br />Approve, byT motion, the attached resolution authorizing the execution of a deed transferring propertyT to the <br />EDA. <br />Background/Discussion <br />Dating back to the Focused AYea Study (FAS"I� framewoYk in southeast Elk RiveY, the cityr and EDA agreed to <br />market the land at 10835 170`i� Ave NW foY economic development purposes with the EDA in a leading role. The <br />EDA has identified a buyTer in David Nelson of Thunderstruck Exteriors and the EDr� entered into a purchase <br />agreement for the propertyT earlier this yTear. The buyTer operates a construction business and is proposing a facilityT <br />of 9,000 sf. to house the construction operations. The project has Yecently been reviewed foY planning-related <br />permissions, which were recentlyT approved byT the CityT Council. <br />The sale to Thunderstruck is scheduled to close November 9. The sale price agreed upon is $210,000, which is in <br />line with a 2021 maYket analysis. All Yecords indicate the pYopertyr has remained in title to the cityr while it has been <br />marketed by the EDA. In order to complete the transaction, the propertyT ownership would need to be transferred <br />to the EDA. It is expected the title company will initiate a simultaneous closing from the cityT to the EDA, and the <br />EDA to Thunderstruck Exteriors. <br />Financial Impact <br />The net pYoceeds foY this transaction aYe expected to be appYoxirnately $180,000 to $190,000 afteY brokerage, legal, <br />and other fees. <br />Mission/Policy/Goal <br />Goal: Commercial Development <br />Attachments <br />■ Resolution Authorizing Propert�T Transfer <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Update�l• January 2023 <br />