CCP 01-25-1999 - Laserfiche WebLink

Home Browse Search

e e e .. ~ CITY OF ARDEN HILLS ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM DATE: January 25, 1999 TO: EDA President and Board of Commissioners IT: Kevin Ringwald, Executive Director Authority to commence negotiations for t e acquisition of real property in the Gateway Business District FROM: SUBJECT: Requested Action The EDA is being requested to authorize the City Staffto commence negotiations for the acquisition ofthe MT Properties (railroad right-of-way) real estate in the Gateway Business District (GBD). Backeround As you are aware, the City has been working on the redevelopment of the GBD for a number of years. The first four building phases of the project are now complete. The redevelopment of the keystone properties (Morris Communications, Vaughan, ATS Steel, and the MT Properties) now lies ahead (Exhibit A). These properties are at the northeast comer ofInterstate 694 and 35W and offer extremely high visibility to regional traffic. The City's previously stated vision for these properties consists of a multi-story office building(s). To this end, the City has entered into a development agreement with Morris Communications for the acquisition of real estate for road purposes (Gateway Boulevard), construction of a regional storm pond, removal of two billboards (on Interstate 35W), and the marketing of its remnant properties (Exhibit B). Additionally, the City requested that its City Engineer (Greg Brown ofBRW, Inc.) prepare Plans and Specifications for the improvement of Round Lake Road, south of the Indykiewicz property. Kevstone Pronerties Property Acreaee * Land Value * Buildinl!; Value * Total Value * Morris 18.572 acres $1,466,400 - $1.811sf $0 $1,466,400 Vaughan 18.343 acres $142,200 - $0.18/sf $7,800 $150,000 ATS Steel 4.268 acres $184,900 - $l.OOIsf $1,015,100 $1,200,000 MT Properties 2.168 acres $79,800 - $0.85/sf $0 $79,800 TOTAL 43.351 acres $1,873,300 - $0.99/sf $1,022,900 $2,896,200 * Information based on Ramsey County (Department of Property Records and Revenue) data, December of 1998 The City Staff has been meeting off and on with representatives ofMT Properties discussing the future of the railroad spur and its associated right-of-way. The MT Properties board of directors at their December of 1998 meeting authorized their staff to explore the sale of this property to the City of Arden Hills, including their rights to the Interstate 35W railroad bridge.