6.1. EDSR 05-15-2023 - Laserfiche WebLink

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Request for Action To Item Number Economic Development Authority 6.1 Agenda Section Meeting Date Prepared by Public Hearings May 15, 2023 Brent O’Neil, Economic Development Director Item Description Reviewed by Sale of Property at 10835 170th Avenue NW Cal Portner, City Administrator Reviewed by Action Requested Approve, by motion, a resolution authorizing the conveyance of property to Thunderstruck Exteriors, LLC. Background/Discussion Thunderstruck Exteriors, LLC, a local construction company presently based east of Elk River, has submitted an th offer to purchase EDA property at 10835 170 Avenue. Thunderstruck intends to construct a facility to support its operations and would build a structure of approximately 10,000 sf. with about 35% for front-end operations, and the remaining space for shop space and storing equipment. The new facility will help Thunderstruck grow its business and workforce. The property has been listed at $200,000, with interest from multiple parties recently. The proposed sale price is $210,000. This property contains a significant amount of wetland which has previously been delineated; however, a new delineation will be required due to expiration of the first. The property will also require a conditional use permit for warehouse space in the facility. Thunderstruck has requested an extended due diligence period to work through those items prior to closing. Financial Impact After estimated expenses of $15,000 the sale will yield net proceeds to the EDA of approximately $195,000. Mission/Policy/Goal Attract new business development to Elk River to build the City’s economic vibrancy, job offerings and tax base. Attachments  Resolution  Purchase Agreement  LOI from Thunderstruck  Area Map The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity. Updated: January 2023