ECONOMIC DEVELOPMENT AUTHORITY - Erik Thorvig, Community Development Director
Title
APPROVAL OF A PURCHASE AGREEMENT FOR 10524 NASSAU STREET NE
Background
A portion of the industrial park, generally located at 105th Ave and Nassau St, has been identified as a redevelopment area in both the 2030 and 2040 Comprehensive Plans. The area includes older industrial buildings that do not necessarily meet the needs of new industrial users and certain existing users have extensive outside storage which is not consistent with the vision.
The Blaine EDA has been active in purchasing property in the area. In 2016, the EDA purchased the 2.43-acre property at 10610 Nassau St. In 2017 the EDA purchased 2111 105th Ave and 10525 Nassau St. In 2020 the EDA purchased 10601 Nassau St. All of these properties contained older buildings that have been, or will be demolished, and the sites are currently vacant. The EDA also has a purchase agreement for 10549 Nassau St.
The property at 10524 Nassau St. is .58 acres and contains a 4,100-sf. metal building built in the 1970s. The property is not connected to city sewer and water and has had various code enforcement violations over the last several years due to outside storage and other blight. If acquired, the building and site would be cleared and held for future development of the area. The site is too small to redevelop individually.
Staff is requesting the EDA to enter into a purchase agreement with the owner of 10524 Nassau St. The purchase agreement outlines a purchase price of $250,000. Based on comparable EDA purchases in the area and the Anoka County 2020 assessors’ value, staff believes the proposed purchase price is reasonable. The purchase would be funded from pooled EDA TIF funds.
Recommendation
Approve the attached Resolution.
Body
WHEREAS, the industrial park along Nassau St has been identified as a redevelopment area in the 2040 Comprehensive Plan; and
WHEREAS, the property at 10524 Nassau St. has been a property identified to be purchased by the EDA; and
WHEREAS, a purchase agreement has been prepared where the EDA would purchase of 10524 Nassau St.; and
WHEREAS, the proposal meets several goals and objectives of the 2040 Comprehensive Plan including purchase of property in an identified redevelopment area and expansion of tax base through redevelopment.
NOW THEREFORE, BE IT RESOLVED, that the Blaine Economic Development Authority hereby approves entering into a purchase agreement for 10524 Nassau St. and authorizes the executive director and president to execute in any necessary documents.
PASSED BY THE Blaine Economic Development Authority this 2nd day of November, 2020.