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Crty Elk REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 6. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> March 11, 2013 Suzanne Fischer, Community Operations and <br /> Development Director <br /> ITEM DESCRIPTION REVIEWED By <br /> Disposition of EDA Property—Outlot A,Northstar Cal Portner, City Administrator <br /> Business Park REVIEWED BY <br /> A. Public Hearing—Disposition of Property <br /> B. Consider Resolution Authorizing Execution <br /> of A Purchase Agreement for Outlot A, <br /> Northstar Business Park <br /> ACTION REQUESTED <br /> Conduct the public hearing for disposition of property and approve Resolution No. 13-02, authorizing <br /> the execution of a purchase agreement for Outlot A,Northstar Business Park. <br /> BACKGROUND/DISCUSSION <br /> Outlot A of Northstar Business Park was advertised for sale through the public bidding process following <br /> a purchase request from Bryan Provo, owner and General Manager of Alliance Machine and Provo <br /> Enterprises. One bid from Provo enterprises,LLC.was received in the amount of$41,300. <br /> As required per State Statute, the EDA, at their February 11th meeting, called a public hearing for March <br /> 11, 2013 for the disposition of this parcel. Notice of the public hearing was published in the February 23rd <br /> edition of the Star News. <br /> A purchase agreement for the sale of the property was drafted by the city attorney. The property is <br /> proposed to be sold in the amount of$41,300,which exceeds the appraised value of the property. Provo <br /> Enterprises, LLC will also pay $1,750 to cover the cost of the property appraisal and all legal fees <br /> associated with the sale. Per state statute, appraisals are confidential until a purchase agreement is entered <br /> into. Approval of Resolution 13-02 authorizes the EDA President, Vice President and Executive <br /> Director to execute the purchase agreement. <br /> FINANCIAL IMPACT <br /> Provo Enterprises, LLC. will pay a total of$43,050 ($41,300 for the lot and $1750 for appraisal) to the <br /> City of Elk River for Outlot A in Northstar Business Park. <br /> ATTACHMENTS <br /> • Purchase Agreement with Provo Enterprises,LLC <br /> • Resolution No. 13-02 authorizing execution of a purchase agreement between the Economic <br /> Development Authority and Provo Enterprises,LLC. <br /> P i i i R E 1 / T <br /> NATURE <br />