ECONOMIC DEVELOPMENT AUTHORITY- Erik Thorvig, Economic Development Coordinator
Title
PURCHASE OF 10501 UNVIVERSITY AVENUE
Background
The property at 10501 University Avenue is for sale. The .63 acre property includes a 1,800 sf. vacant gas station built in 1961. The business hasn’t been in operation since June, 2014. The property has several non-conformities including parking/structure setbacks and multiple accesses. The property has received several code violations for illegal dumping, signs, and tall grass since the business closed.
The property was originally listed in 2015 for $250,000 and recently relisted with a different broker for $350,000. The 2017 Anoka County assessor’s value is $239,800. At the January 2nd, 2017 workshop the City Council directed staff to pursue purchase of the property. The proposed purchase price is $260,000. Funds for the purchase would come from pooled redevelopment TIF.
As a contingency in the purchase agreement, the owner will be required to remove the existing fuel tanks and provide a letter from the MPCA that any leak reports have been closed prior to the EDA taking ownership.
After purchase the EDA would be responsible for the demolition of the building/canopies. The site would then be marketed for commercial use. Due to its size, it may make sense for a smaller retail, restaurant or office use. Staff has already had preliminary conversations with a developer about the site for a sandwich shop use.
Attachments
Location Map
Past and Current Listing Brochures
Recommendation
It is recommended that the EDA adopt the attached Resolution approving the purchase of the property at 10501 University Ave. for the price of $260,000.
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 opportunities; and
WHEREAS, redevelopment of properties along University Ave. between 105th and 109th Ave. has been identified as a redevelopment area in the 2030 comprehensive plan; and
WHEREAS, the property at 10501 University Ave. is for sale and within the redevelopment area; and
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 document required for the purchase of 10501 University Ave. at the sale price of $260,000.
PASSED by the Blaine Economic Development Authority this 16th day of February 2017.