4.1. SR 08-11-2008 - Laserfiche WebLink

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EDAICity Council Workshop August 11, 2008 Page-2-of3 2. Land Valuation At the July 7th meeting, the City Council gave authorization to hire an appraiser to better understand the dynamics of this property and the marketplace. This will provide us with a stronger position for reviewing and possibly selling the property to the appropriate developer and/or development. Nagell Appraisal & Consulting is conducting the appraisal. (The EDA has previously reviewed their work through the appraisal of the Post Office property on Line Avenue). Once complete, it will be submitted for staff review followed by a probable Executive Session meeting with the City Council for review and discussion. In this regard, we are aware of two parties that have expressed interest in Outlot C; one in a verbal expression as "an investment," and one by receipt of a letter requesting approximately 5 acres of the northern portion of Outlot C (along 171St Avenue). And, we were contacted by Globe College regarding their interest in placing a facility in Elk River (requiring 3 - 4 acres). Although Gateway was not offered as a location by the City due to its light industrial/non-retail nature, a portion of Outlot C was suggested to them through a third party developer. B. DISCUSSION 1. Issues We are consequently faced with the following issues/questions to better prepare an effective and ultimately successful series of development projects that are suitable for this site in support of our growing city: - What are the goals for development (i.e., jobs, tax base, etc.)? What do we want to see here? Priorities? ^ highway commercial ^ business professional ^ service ^ light industrial - Should the property be marketed as one large parcel (e.g., with a "Master Developer"), or platted and sold as individual parcels? - How soon should the property be developed? - Once priorities have been established are we willing to wait for development? 2. 171St Focused Area Study (171St FAST) The Community Development department is seeking to develop a strategy to complement and maximize the benefits of the Northstar Commuter Rail to the City. We anticipate many ancillary activities and development opportunities to occur because of this; however, a formal plan has not been formally discussed or established. The Gateway property plays a significant role in any future development in this area. Furthermore, the immediate surrounding properties can be important contributors as this area develops into a node of commerce and industry.