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4E -. Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority - 6.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business February 18, 2014 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> FAST Study Land Purchase <br /> Reviewed by <br /> Action Requested <br /> Direct staff to outline a plan to fund and acquire property purchases. <br /> Background/Discussion <br /> In January, the EDA directed staff to research the purchase of property to facilitate the implementation <br /> of the FAST study. The FAST Study, completed in 2010,identified a long term street network, the <br /> development of which will require acquisition of privately owned parcels. <br /> In the FAST study, the intersection of 165th and Highway 10/ 169 will close, and a new intersection at <br /> about 166th generally south of Broadway Pizza will be developed. This intersection will establish traffic <br /> patterns for the businesses in the area linking Highway 10 with Twin Lakes Road on the east and Yale <br /> Court on the west. Long term,the intersection at 166th will be reconstructed as an interchange. Once the <br /> interchange is created, all at grade intersections,including 165th, 167th, and 1715`will be removed. <br /> There are several parcels necessary for the implementation of the plan,highlighted in red in the <br /> Transportation parcels attachment. One is currently for sale, the 1.45 acre "Yale Court property" or <br /> Parcel# 75-784-0120. The property owner is requesting$350,000 for the property, or about$5.54 a <br /> square foot. The assessed value of the project for 2014 is $173,700. It has $6,102 in Special Assessments. <br /> Financial Impact <br /> Asking price is $350,000 or about$5.54 p/sq. ft. <br /> Attachments <br /> • FAST Transportation parcels <br /> fe ■ EIEI I ? <br /> NATURE <br />