ECONOMIC DEVELOPMENT AUTHORITY- Bryan Schafer, Community Development Director
Title
CONSIDERATION OF THE SALE OF EDA WETLAND CREDITS FOR LORENZ BUS AT 8600 XYLITE STREET NE
Background
Lorenz Bus Company has a current application with the City to reconfigure and add significant bus and employee parking on their site. The business has grown over the years as has their need for storage and parking of their bus inventory as well as driver/employee cars.
The site plan that has been submitted to City and the Rice Creek Watershed shows a small wetland impact in the northwest corner of their site. The plan would impact about a third of an acre resulting in the need to provide .7224 acres of wetland credit. They have approached the EDA to acquire the credits and meet the mitigation requirement of the watershed.
Using the sales price that has been established by the EDA for most small sales of $2 per square foot the sale would be $62,935 (.7224 acres x 43,560 = 31,468 square feet) plus the EDA actual cost of withdrawal.
Prior to this action the EDA’s Wetland Bank currently has approximately 23 acres currently available plus the 14 acres held in reserve by the City’s Open Space Bank for a total of 37 acres.
Attachments
Area Map
Recommendation
It is recommended that the EDA adopt the Resolution approving the sale of .7224 acres of wetland credits to assist Lorenz Bus Company at 8600 Xylite Street NE in the redevelopment of their site.
Body
BE IT RESOLVED by the Board of Commissions (the “Board) of the Blaine Economic Development Authority (the “EDA”), as follows:
WHEREAS, it is one of the goals and purposes of the Blaine EDA to improve the community, strengthen the tax base and enhance employment and housing opportunities; and
WHEREAS, Lorenz Bus Company is seeking an expansion of their parking areas for buses as well as employee vehicles to support continued growth of their business in Blaine; and
WHEREAS, Lorenz Bus Company has determined that in order for their expansion to work there is the need to fill certain wetlands that are located on their site; and
WHEREAS, Lorenz Bus Company has identified the need to acquire .7224 acres of wetland credits and has indicated an interest in purchasing those credits from the EDA’s Wetland Bank.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Blaine Economic Development Authority, City of Blaine, Minnesota, that the President and Executive Director of the Blaine Economic Development Authority are here authorized to execute any and all agreements and documents required for the sale and transfer of .7224 acres of EDA wetland credits to Lorenz Bus Company at a sale price of $2.00 per square foot plus the EDA’s out of pocket cost for withdrawing credits from the wetland bank.
PASSED by the Blaine Economic Development Authority this 5th day of April, 2018.