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RZEN H11LL.S MEMORANDUM DATE: March 8, 2010 TO: Mayor and City Council Sue Iverson, Acting City Administrator FROM: James Lehnhoff, Community Development Director SUBJECT: TCAAP Reuse and Public Sale Update General Service Administration (GSA) Conference Call I The City held a conference call with the GSA on February 24, 2010, to discuss the TCAAP public auction process. Mr. Legare of the GSA provided an update on the special terms for the TCAAP property auction; the Ramsey County parks and open space requests; and the auction _ schedule. A primary purpose of the special terms is to describe the process the bidder will have to follow to complete the remediation of the superfund sites. The GSA's current concept would require the bidder to submit an escrow equal to the government's estimated cost of the remediation plus an additional percentage. The bidder would then have a set number of years, likely three, to complete the remediation. If the bidder does not complete the remediation, the government could use the escrow to complete the remediation. The deed for the property would not be transferred to the bidder until the superfund remediation is completed. The bidder could work with the City on redevelopment plans during the remediation process but would not be able to develop any portion of the site until the remediation is complete and the deed transferred. The special terms will also include a minimum bid for the property, but that dollar amount has not yet been determined by the GSA. Mr. Legare stated that the minimum bid would be based in part on the costs of remediation and local land use regulations. The Army has not yet approved the special terms. Mr. Legare indicated that the GSA and Army were supportive of the concept to transfer a portion of the primer tracer area to Ramsey County in accordance with their open space request. while the conversations regarding the 150 foot wide trail corridor have not been completed, Mr. Legare was less optimistic about being able to transfer the trail corridor prior to the public auction. The importance of the trail corridor as a regional benefit was strongly emphasized during the phone call. Greg Mack, the Ramsey County Parks and Recreation Director, has also been in contact with Mr. Legare to continue the conversation on the trail corridor. CADocuments and Settings\becky.brazys\Local Settings\Temporary Internet Files\OLK15F\030810-CC Memo-TCAAP update.doc Page 1 of 2