CCP 07-19-2004 - Laserfiche WebLink

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. . . OR\G\NA\:: ~ ---A~ HILLS MEMORANDUM DATE: AgendaItem EDA 3.A. March 4, 2004 TO: Chair and Members of the EDA Michelle Wolfe, Executive Director Aaron Parrish, Assistant City Administrator@ FROM: SUBJECT: Indykiewicz Property ENCLOSURE: Offer Letter Indykiewiz Property Analysis Spreadsheet Sample Site Layout OVERVIEW From time to time, staff receives inquiries on the Indykiewicz property. Most recently, we have received an offer from a convenience store / gas station user. The offer was submitted by Frauenshuh Companies serving as the broker for the end user. As Council will recall, the 2002 appraisal of the property indicated a value range $722,677 to $1,011,748. The offer for the property is $711,700. This is attached for your review. At the February 23, 2004 meeting of the EDA, the EDA directed staff to bring back additional financial information regarding the proposal. In response, I have compiled the attached spreadsheets analyzing our acqui~ition and carrying cost for the site. These have also been reviewed by the Finance Director. For summary purposes, staff would highlight the following points: }- At this point, we can find no documentation indicating that any agreement or memorandum of understanding was entered into with the County clarifying their position on reimbursement. In speaking with Jim Tolaas earlier in the week, he indicated that the County would reimburse for the construction and acquisition costs associated with their share of the stormwater pond. The land acquisition cost associated with the County's portion of the land dedicated to pond use is $415,302. This amount will be reimbursed once the final segment of Highway 96 is completed.