Economic Development Authority - Erik Thorvig, Community Development Director
Title
Title
Wetland Credit Sale for Ulysses Street Office Building (11155 Ulysses Street NE)
end
Executive Summary
Sale of 2.186 acres of wetland credits for the medical office project located at 11155 Ulysses St.
Background
Approvals were received in 2019 for construction of a new 56,000 sf. medical office building located at 11155 Ulysses St. The site is currently vacant and is located immediately south of the Twin Cities Orthopedics building on Ulysses St. The developer has been attempting to secure tenants in order to begin construction. The developer is now ready to proceed with the project.
The project requires 2.186 acres of wetland credits. The developer has requested to purchase wetland credits from the EDA wetland bank (Branch 3) in the amount of $2.50/sf. The total sale amount would be $238,055. If the sale is completed, the EDA would have 24.2 acres of wetland credits available for future projects.
Strategic Plan Relationship
Not applicable,
Board/Commission Review
Not applicable.
Financial Impact
The developer has requested to purchase wetland credits from the EDA wetland bank (Branch 3) in the amount of $2.50/sf. The total sale amount would be $238,055.
Public Outreach/Input
Not applicable.
Staff Recommendation
By motion, adopt the attached resolution.
Attachment List
Site Location Map (note the map was from the preliminary plat application, hence the public notification notation)
Project Plan
Body
WHEREAS; the City of Blaine Economic Development Authority has established a wetland bank for the sale of wetland credits for purposes of economic development within the City of Blaine; and
WHEREAS; Kami Holdings LLC has requested to purchase 2.186 acres of wetland credits to facilitate construction of a 56,000 square foot medical office building located at 11155 Ulysses St; and
WHEREAS; the developer is willing to purchase 2.186 acres of wetland credits from the EDA at a price of $2.50/sf.
NOW THEREFORE, BE IT RESOLVED, that the Blaine Economic Development Authority hereby approves the sale of 2.186 acres of wetland credits for $2.50/sf to Kami Holdings LLC for the project located at 11155 Ulysses St. and authorizes staff to complete any necessary administrative paperwork to facilitate the sale.
PASSED by the Blaine Economic Development Authority this 15th of November, 2021.