ECONOMIC DEVELOPMENT AUTHORITY - Erik Thorvig, Community Development Director
Title
ENTER INTO A LETTER OF INTENT FOR XXXX 109TH AVENUE NE
Background
The Blaine EDA acquired 80 acres of land south of 109th Ave and east of the Sanctuary development in 2009 for approximately $1.9mil (see attached map). A majority of the site is encompassed by wetland and there is approximately 8.2 acres of upland scattered throughout the site however mainly located on the westerly portion of the property. No additional research on soil conditions, etc. has been done on the property by the EDA. The property is currently zoned Planned Office District (POD) and guided for Planned Industrial (PI) in the 2040 Comprehensive Plan.
The site does come up in discussion with developers for specific site searches. Staff has been working with an architect that represents a reputable sports medicine company that is interested in development of a sports medicine and sports training facility on approximately 20 acres of the westerly portion of the property. The developer has asked the Blaine EDA to enter into a Letter of Intent (LOI) to secure the site for up to 180 days to complete necessary due diligence including wetland delineation, soil testing, etc., to determine overall development costs and whether it is financially feasible to continue with a project. A potential purchase price will be discussed once development costs are identified for the project.
If the developer determines it makes financial sense to proceed, the project will be presented at a workshop prior to it moving forward. A public hearing and formal action item to sell would be required by the EDA in the future.
Recommendation
Staff recommends approval of the attached Resolution.
Body
WHEREAS, the Blaine EDA has owned land on 109th Avenue since 2009; and
WHEREAS, a developer has shown interest in the site and desires to enter into a Letter of Intent to allow for necessary due diligence to be completed on the property; and
NOW THEREFORE, BE IT RESOLVED, that the Blaine Economic Development Authority hereby approves entering into a Letter of Intent and hereby authorizes the executive director and president to enter into any necessary agreements to execute the Letter of Intent.
PASSED BY THE Blaine Economic Development Authority this 2nd day of November, 2020.