7. EDSR 11-13-2007 - Laserfiche WebLink

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City of Elk -~-, River MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Developmen Scott Clark, Community Development Director DATE: November 13, 2007 SUBJECT: EDA Closed Meeting to Discuss Purchase and Sale of Property Identified as Lot I, Block I Mulvaney Point, Elk River Issue The EDA will hold a closed meeting as allowed by MN Statutes 13D.05, subd. 3 for the purpose of discussing the purchase and sale of property identified as Lot 1, Block 1 Mulvaney Point, Elk River. The EDA's development attorney from Briggs & Morgan will be present at the meeting to assist in the discussions. Background At its October meeting staff provided the EDA and update on the post office and its intended sale of property. It was the consensus of the EDA to enter into the bidding process in an attempt to purchase the property. The purpose for the EDA's purchase of the property is to secure the high profile site to ensure development to its highest and best use for the community, and is regardless of the current fine dining restaurant proposal. Staff issued an appraisal be completed in order to establish an understanding on the value of the property for review and discussion at this EDA meeting. Issues for Discussion Staff requests the EDA's discussion of the following issues during the closed meeting: 1) Review and agreement on the appraisal 2) Confirm EDA's willingness to proceed in bidding process and the purchase price 3) Discuss resources to fund the property acquisition and reimbursement options 4) Discuss EDA's intentions with regard to the future sale of the property (e.g. desired end uses, sale price and/or financial assistance, etc.) PLEASE NOTE: The attached appraisal is considered confidential or nonpublic data under MN Statutes 13.44, subd. 3 and for EDA information only, until such time as established by law.