7. EDSR 01-9-2012 - Laserfiche WebLink

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ITEM # 7. MEMORANDUM 1-~..l.V~'~ TO: Economic Development Authority FROM: Annie Deckert, Director of Economic Development DATE: January 9, 2012 SUBJECT: Crystal Distribution, Inc. (CDI) Expansion Proposal BACKG ROU N D Staff has worked with Crystal Distribution, Inc. (CDI) for the past several months on a proposed expansion of their facility in Northstar Business Park The proposal would expand their facility by approximately 30,000 sq. ft. onto the vacant 12.13 gross acre lot to the north of their existing location. CDI has requested a lot split because their expansion does not require the entire parcel. Splitting the lot would require site improvement`s to northern (unused) portion of the lotto ensure the split resulted in a buildable lot. At the October 10, 2011 EDA meeting, to maintain highest and best use of the property, the EDA directed staff to work with CDI to devise a proposed site plan acceptable to CDI and the city. The EDA also directed staff to obtain a property appraisal to determine the market value and marketability of the entire site, and the proposed northern portion of the lot. Additional background information is outlined in the attached memos to the EDA dated 10- 10-11 and 12-12-11. DISCUSSION After working with CDI on their site plan, staff believes to have devised a plan acceptable to both parties. Property appraisals have been completed Splitting the 12.13 acre lot would result in a 4.8 gross acre lot for CDI's proposed expansion and a 7.3 gross acre lot to market for light industrial Per state statute, appraisals made by personnel of a municipality of property owned by that municipality, are classified as nonpublic data until either 1) a purchase agreement is entered into or 2) the parties negotiating the transaction exchange appraisals. Per staff review of the appraisals, staff is asking the EDA to consider the following actions: • Authorize staff complete administrative lot split • Exercise intent to sell ~ I~ E 1 E 0 6 1 NA~~~