4.5. SR 06-15-2015 - Laserfiche WebLink

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�j Elk = - Request for Action River To Item Number Mayor and City Council 4.5 Agenda Section Meeting Date Prepared by Consent June 15, 2015 Amanda Othoudt, Economic Development Director Item Description Reviewed by Letter of Intent to Purchase Property and Cal Portner, City Administrator Authorize Appraisal on Real Property Located at Reviewed by Corner of Joplin Street and Highway 10 Action Requested Approve, by motion, the letter of intent to purchase real property located at the intersection of Highway 10 and Joplin Street and authorizing an appraisal to be conducted on the property. Background/Discussion Staff has been working with a developer interested in the development of city-owned property located at the corner of Joplin Street and Highway 10. The developer is proposing improvements to the site with up to three commercial/retail buildings. The developer has indicated that these commercial/retail buildings may include a national client with a drive thru, a regional client, and allow for local business development in a multi-tenant building. Internally, staff met to discuss any concerns with the sale and development of the subject property. No immediate concerns were addressed in relation to the sale of the property. The project is still subject to site plan review with staff once a purchase agreement is reached and a formal land use application is submitted. Staff recommends entering into an agreement with the developer through the Letter of Intent and authorizing a property appraisal to determine the current market value. Further discussion and negotiations regarding the sale price of the property will be discussed with the developer once the appraisal is obtained. Financial Impact None Attachments ■ Ebert Construction Letter of Intent to Purchase P0WIeEa 0 Template Updated 4/14 INAWRE1