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ri <br /> E FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Economic Development Authority 7. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> January 14, 2012 Annie Deckert, Director of Economic <br /> Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Call Public Hearing for Disposition of Suzanne Fischer, Community Operations and <br /> EDA Property- Outlot A,Northstar Business Park Development Director <br /> REVIEWED BY <br /> Cal Portner, City Administrator <br /> ACTION REQUESTED <br /> Call Public Hearing for Disposition of EDA Property- Outlot A, Northstar Business Park. <br /> BACKGROUND/DISCUSSION <br /> On November 13,the EDA directed staff to advertise the sale of the lot through a public bidding <br /> process, following a request from Bryan Provo,owner and General Manager of Alliance Machine and <br /> Provo Enterprises,LLC, to purchase Outlot A in Northstar Business Park. <br /> A notice was published for two weeks in The Elk River Star News and a bid opening was held on January 9, <br /> 2013. A total of one bid was received: <br /> • Provo Enterprises,LLC $41,300 . <br /> Staff recommends the EDA call a public hearing for Monday, February 11, 2013, at 5:30 p.m. regarding <br /> the sale of the 43.75-acres of EDA-owned property in the Northstar Business Park to Provo Enterprises <br /> in the amount of$41,300. <br /> Staff will work with the city attorney to draft a purchase agreement for the sale of the parcel. The <br /> property is proposed to be sold in the amount of$41,300,which exceeds the appraised value of the <br /> property (appraisal completed on 12-7-12). Additionally,Provo Enterprises,LLC,will pay$1,750 to <br /> cover the cost of the property appraisal and all legal fees associated with the sale. Per state statute, <br /> appraisals are confidential until a purchase agreement is entered into. <br /> The purchase agreement includes the statutory requirements for the sale of EDA property. Minnesota <br /> Statues require the EDA to provide notice and hold a public hearing prior to the sale of the property. As <br /> indicated prior,the property cannot be platted and shall remain as is. <br /> FINANCIAL IMPACT <br /> Costs involved with this request will be paid by Provo Enterprises,LLC,with the exception of staff time. <br /> POWERED Br <br /> NATURE <br />