ECONOMIC DEVELOPMENT AUTHORITY- Bryan Schafer, Community Development Director
Title
CONSIDERATION OF THE SALE OF EDA WETLAND CREDITS FOR MSP COMMERCIAL MEDICAL OFFICE FACILITY AT 111TH AVE AND ULYSSES ST
Background
MSP Commercial is proposing to build a 13,000 square foot medical office on a parcel located at 11107 Ulysses Street. The site is approximately 1.7 acres but has designated wetlands over about a third of the site. The site plan that has been developed is based on filling 26,902 square feet, just over a half acre, of wetland to make the project configuration work.
They have indicated to the EDA and Coon Creek Watershed that they would like to purchase the necessary 2:1 mitigation in the form of 1.235 acres of wetland credits from the EDA Wetland Bank. The purchase of 53,804 square feet of wetland credits from the EDA at the established sales price of $2 per square foot would result in a sale of $107,608 plus the EDA’s out of pocket cost for withdrawing the wetland credits from BWSR.
The EDA’s Wetland Bank currently has just over 42 acres currently available. This sale this would be the ninth economic development project assisted by the use of EDA wetland credits.
Attachments
Area Map
Site Plan
Recommendation
It is recommended that the EDA adopt the Resolution approving the sale of 1.235 acres of wetland credits to assist site development for MSP Commercial.
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, MSP Commercial proposes to develop a 13,000 square foot medical office building at their site at 11107 Ulysses Street; and
WHEREAS, MSP Commercial has determined that in order for their project to be feasible their site design would need to impact wetlands that are located on the property; and
WHEREAS, MSP Commercial has identified the need to acquire just over 1.235 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 1.235 acres of EDA wetland credits to MSP Commercial at a cost 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 19th day of October, 2017.