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Request for Action <br />To <br />Item Number <br />Planning Commission <br />4.4 <br />Agenda Section <br />Meeting Date <br />TMay <br />Prepared by <br />Planning Items <br />26, 2015 <br />Zack Carlton, Planner I <br />Item Description <br />Reviewed by <br />Review the purchase of Lot 4, Block 1, <br />Peter Beck, City Attorney <br />Mississippi Ridge Second Addition <br />[Reviewed by <br />Action Requested <br />Adopt, by resolution, a finding that the acquisition of Lot 4, Block 1, Mississippi Ridge Second Addition, <br />is consistent with City of Elk River's Comprehensive Plan <br />Background /Discussion <br />The city has agreed to terms with Cornerstone Elk River LLC for the purchase of Lot 4, Block 1, <br />Mississippi Ridge Second Addition. The city is acquiring the property to allow for a roadway connection <br />between Yale Ct. and Yale St. <br />The purchase furthers the transportation goals identified in the comprehensive and FAST Plans, and is a <br />key step in the planned street network south of 171 st Ave. NW. The street will connect with a frontage <br />road along Hwy 169 and continue to a planned signalized intersection at Twin Lakes Road and Hwy 169. <br />Financial Impact <br />1'hc city has agreed to a purchase price of $185,000. <br />Attachments <br />Resolution regarding acquisition of real property <br />FAST Plan future development framework <br />Yale Ct preliminary engineering study <br />Template Updated 4/14 <br />