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<br />fir.... <br /> <br />MT Properties <br />Page Two <br />January 25,1999 e <br /> <br />Whv should the EDA consider aCQuirinl! this property? <br />The Staff would conclude that the acquisition of this property serves two fundamental public <br />purposes. First, the property's acquisition would provide direct vehicular access from the <br />properties to the south to the new Gateway Boulevard. Secondly, the property's acquisition <br />would facilitate a trail connection between the cities of New Brighton and Arden Hills as <br />contemplated by the recently updated Comprehensive Plan. <br /> <br />What does nel!otiate mean? <br />The Staff would need to hire an appraiser to determine the fair market value of the property, hire <br />an environmental consultant to conduct Phase I environmental audit, consult the City Engineer <br />on issues related to the bridge over Interstate 35W, and consult the City Attorney on legal <br />matters related to the potential acquisition of this right-of-way. <br /> <br />Budl!et Imuact <br />The Staff would propose that this "authority to negotiate" would not exceed $15,000.00, without <br />further action by the EDA. Fund #704 (Round Lake Office -TIP) is anticipated to have <br />unexpected revenues, due to interest earnings on the bond proceeds (ie., the bond money has not <br />been spent as fast as originally anticipated, therefore, the interest earned on that money is higher .- <br />than expected). ... <br /> <br />Recommendation <br />Authorize the Staff to commence negotiations for the acquisition of the MT Properties (railroad <br />right-of-way) real estate in the Gateway Business District (GBD), including the hiring of <br />necessary consultants, in a total amount for the negotiations not to exceed $15,000.00, without <br />further action by the EDA. <br /> <br />e <br />