Economic Development Authority - Erik Thorvig, Community Development Director
Title
Title
Approve the Sale of 2.441 Acres of Wetland Credits to Opus Development for the Sanctuary Business Center
end
Executive Summary
Opus Development is requesting to purchase 2.441 acres of wetland credits to allow for development of the Sanctuary Business Center.
Background
Opus Development has land under contract located in the 10200 block of Xylite Street. The project site is a 18.5 acre parcel located on the east side of Xylite Street, directly south of the Sanctuary residential neighborhood, and north of Walter’s Recycling and Refuse. The site is zoned I-1 (Light Industrial).
Opus Development is proposing to construct a 137,178 sf light industrial building for manufacturing, office and warehousing. The proposed site design requires filling 1.8 acres of wetland. This results in the need to purchase 2.441 acres of wetland credits. The developer is willing to pay the market rate price of $2.50/sf totaling $265,824.90. The developer is preserving large areas of existing wetland on the northeast and east portions of the site to provide a buffer to the adjacent neighborhood.
Strategic Plan Relationship
Not applicable.
Board/Commission Review
Not applicable.
Financial Impact
The sale of wetland credits would result in revenue to the EDA in the amount of $265,824.90.
Public Outreach/Input
Not applicable.
Staff Recommendation
By motion, adopt the resolution.
Attachment List
Site plan showing areas of wetland fill
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; Opus Development is needing to purchase 2.441 acres of wetland credits to facilitate construction of a 137,178 square foot office, manufacturing and warehouse facility in Blaine; and
WHEREAS; Opus Development is willing to purchase 2.441 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 2.441 acres of wetland credits to Opus Development for $2.50/sf.
PASSED by the Blaine Economic Development Authority this 8th day of September, 2021.