ECONOMIC DEVELOPMENT AUTHORITY- Bryan Schafer, Community Development Director
Title
CONSIDERATION OF THE SALE OF EDA WETLAND CREDITS FOR MORTENSON DEVELOPMENT/CROWN IRON WORKS AT 9879 NAPLES STREET
Background
Crown Iron Works/Mortenson Development has current applications with the City to redevelop the former contractor yard once occupied by Mortenson. The site is located adjacent to 35W just north of the 95th Avenue parking ramp. The site would be developed for a new 70,000+ square foot office and research headquarters for Crown Iron Works.
The site plan that has been submitted to the City and Rice Creek Watershed District shows wetland impacts on portions of their site in order to achieve a building pad and parking layout sufficient for their business. The plan would impact wetlands requiring the need to provide .9713 acres (42,310 square feet) of wetland credit. They have approached the EDA to acquire the credits and meet the mitigation requirement of the RCWD.
Using the sales price that has been established by the EDA for most small sales of $2 per square foot the sale would be $84,620 (42,310 square feet x $2) plus the EDA actual cost of withdrawal.
With this action the EDA’s Wetland Bank will still have approximately 21 acres currently available plus the 14 acres held in reserve by the City’s Open Space Bank for a total of 35 acres.
Attachments
Area Map
Recommendation
It is recommended that the EDA adopt the Resolution approving the sale of .9713 acres of wetland credits to assist Crown Iron Works/Mortenson Development at 9879 Naples Street in the development of the Crown Iron Works headquarters.
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, Mortenson Development is seeking a redevelopment of their site with the construction of a 70,000+ square foot office research and design facility for Crown Iron Works; and
WHEREAS, Mortenson Development has determined that in order for their project to be feasible there is the need to fill certain wetlands that are located on their site; and
WHEREAS, Mortenson Development has identified the need to acquire .9713 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 .9713 acres of EDA wetland credits to Mortenson Development, for support of the Crown Iron Works project, 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 3rd day of May, 2018.