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El , Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 5.2 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearings October 20, 2014 Jeremy Barnhart, Deputy Director, CODD <br /> Item Description Reviewed by <br /> Sell a 1.31 acre portion of Northstar Business Park <br /> Lot 1,Block 1 to Scatman Holdings,LLC Reviewed by <br /> (Professional Service Bureau, PSB) to facilitate <br /> parking lot construction. <br /> Action Requested <br /> Approve,by resolution, the sale of 1.31 acres (Parcel A) of Lot 1,Block 1, Northstar Business Park to <br /> Scatman Holdings,LLC, for$114,127.20. <br /> Background/Discussion <br /> Scatman Holdings,LLC is the property ownership arm of Professional Service Bureau (PSB), a rapidly- <br /> expanding telecommunication business located in the Elk River Industrial Park. Their employee growth <br /> has exceeded the number of parking spaces at their office, requiring on street parking on the adjacent <br /> streets, and impacting area businesses. <br /> Over the past year, staff and PSB have been working on a longer-term solution: PSB is proposing to <br /> purchase 1.31 acres of lot 1,block 1, Northstar Business Park, to construct an approximately 100-space <br /> parking lot. This parcel and parking lot will be attached to the building already owned by PSB. PSB is <br /> not requesting financial assistance for this sale or improvements. Market value of the property is $2.00 <br /> per square foot. <br /> This sale represents the third step of a many step process, outlined below,with approving agency in <br /> parentheses: <br /> • Quit Claim Northstar Business Park L1, B1 to EDA, to maintain consistency* (City Council) <br /> • Split Lot 1,Block 1 Northstar Business Park (City Council) <br /> • EDA sell parcel A to buyer (EDA) <br /> • Connect parcel A to PSB lot (Staff,via the County) <br /> • Approve parking lot plans (staff) <br /> • Begin construction (PSB) <br /> *It appears that both City and the EDA own a portion of Lot 1, Block 1, Northstar Business Park. The <br /> City Council is expected to convey the property to the EDA later tonight. This will also help logistically <br /> with the sale of the balance of Lot 1,Block 1 in the future. <br /> Closing is expected in the next two weeks. <br /> Financial Impact <br /> r o w E R E I R r <br /> NATURE <br />