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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />6.1 <br /> <br />Meeting Date <br />April 15, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />Sale of Property at 13530 and 13566 185th Avenue <br />NW (continued from March 18, 2024) <br />Reviewed by: <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, a resolution authorizing the execution of a purchase agreement for the sale of property <br />at 13530 and 13566 185th Avenue NW to Java Companies. <br /> <br />Background/Discussion <br />The EDA has received a purchase offer for the properties known as the Fox Haven site at 13530 and 13566 <br />185th Avenue. Java Companies is proposing to buy the two properties with the primary focus of securing the <br />construction of a neighborhood convenience store and gas station. There would be surplus property <br />remaining for which Java may pursue an additional project such as a small restaurant. <br /> <br />The offer is for the full listing price of $360,000 and includes a refundable $20,000 earnest money payment. <br />There is a due diligence period of 120 days, plus a buyer option to extend the period an additional 60 days in <br />which $10,000 in earnest money shall convert to non-refundable. The closing must occur within 30 days of <br />the due diligence period expiring. The agreement calls for a provision to be included in the deed which will <br />require the commencement of construction of the convenience store within one year. <br /> <br />Financial Impact <br />Anticipated net proceeds to the EDA of approximately $330,000 upon closing. <br /> <br />Mission/Policy/Goal <br />Attract new business development to Elk River to build the City's economic vibrancy, job offerings, and tax <br />base. <br /> <br />Attachments <br />1. Purchase Agreement Fox Haven <br />2. Resolution Authorizing Sale <br />3. Site Context <br />4. JAVA Concept <br /> <br /> <br />Page 16 of 41