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02-20-07 Item 2D, Sale of City-Owned Property Procedures
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02-20-07 Item 2D, Sale of City-Owned Property Procedures
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6/25/2007 3:31:34 PM
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6/18/2007 4:54:05 PM
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02-20-07 Item 2D, City Prop Sale
General - Type
Agenda Item
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City Property Sale Procedures
Date
2/20/2007
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<br />'. <br /> <br />exempt revenue bonds financing. It is important for the City to create <br /> <br /> <br />its own equity position in the development of The Oaks if public <br /> <br /> <br />financial assistance is required for the development. <br /> <br />5. The City is willing to consider the use of public funds on this project <br /> <br /> <br />through the issuance of tax-exempt revenue bonds, the opportunity <br /> <br /> <br />for grant programs at the federal and state level, as well as the use of <br /> <br /> <br />tax increment financing or tax abatement financing to develop the <br /> <br /> <br />site. The use of public funds can be used only for public <br /> <br /> <br />improvements required of the business park. It is important to note <br /> <br /> <br />that the city, through the use of direct or indirect financial assistance, <br /> <br /> <br />will require some type of equity position in the development. The <br /> <br /> <br />equity will provide the City with security for its public assistance and <br /> <br /> <br />make sure that the development is constructed according to the <br /> <br /> <br />overall design and planning requirements ofthe developer. <br /> <br />IV. LAND PRICE <br /> <br />The City shall ask a fair market value for the purchase of the parcel it is <br /> <br /> <br />purchasing from MNDOT. The City shall sell the parcel at this time but will <br /> <br /> <br />require that the developer provide a funding guarantee to make sure the <br /> <br /> <br />overall site will be obtained and the development is in accordance with the <br /> <br /> <br />site-specific master plan. The land price will be determined by an <br /> <br />6 <br />
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