5.6. EDSR 07-14-2008 - Laserfiche WebLink

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.'"~ ~i City of Elk ~ REQUEST FOR ACTION River To Item Number Ci Council 5.6. Agenda Section Meeting Date Prepared by Administration ul 7, 2008 Lori ohnson, Ci Administrator Item Description Reviewed by Authorize Appraisal for Gateway Business Park Property Reviewed by Action Requested Authorization to hire an appraiser to complete an appraisal of the Gateway Business Park property. Backs rou nd/Discussion For the past several years, the City has been preparing for development of the Gateway Business Park. Most recently, the Council approved a plat for the property that created outlots that can later be re- platted to accommodate the development proposal(s) the Council accepts. Also, a few inquiries have been received from developers and adjoining land owners with interest in purchasing Gateway property or, in the case of the entertainment center, being given property as part of an incentive package. Staff is requesting that the Council authorize the completion of an appraisal on this property to determine its market value. The appraisal data will be necessary whether the property is sold or used as an incentive now or in the future. Completing an appraisal at this time does not in any way mean that the land needs to be sold now; however, it does bring us once step closer to being prepared to entertain offers for development proposals, proceeding with requesting RFP's for the entire parcel, or any other method the Council may want to use to develop the property. Further, as I said, we've received a few inquiries about purchasing portions of the Gateway property. Recently, Scott Powell of Elk River Ford Dodge Jeep submitted a letter expressing his desire to purchase the northern most five acres of Outlot C. To date, we have not received a site plan from Mr. Powell so staff can't comment on how this development fits the Council's goals for Gateway. Obviously, there are many items that need to be considered before the Council decides whether to sell property at this time. Gateway is a very important development area that represents an opportunity to increase the City's future tax base and add livable wage jobs. It's prudent for the Council to wait for the right development proposal before proceeding. There is no rush to develop this property; it is more important to get the maximum tax base and highest quality development possible out of the park. However, that said, we do need to respond to the recent requests to purchase property as they maybe developments that represent what the Council envisions for Gateway. S:\Council\Lori\2008\Appraisal for Gareway.doc