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REQUEST FOR COUNCIL ACTION DATE: 03/17/98 <br /> ITEM NC)-. K-3 <br /> epar# ent Approval: Manager Approved: Agenda Section: <br /> Reports <br /> W-MEN <br /> lte Description: CORNERSTONE LAND OPTIONS <br /> (Hamline and B} <br /> The Cornerstone Program has as one of its objectives the assembly of <br /> smaller parcels of land into viable development parcels for redevelopment <br /> projects. The process used by the City includes Council approval before <br /> beginning hand options, appraisals and environmental surrey work for <br /> Cornerstone Program. <br /> 2.0 ProLect Descriptio <br /> n <br /> 2.1 The intersection of Hamline and County Road B has two cornea <br /> property owners who have expressed interest in selling their parcels. <br /> Adjoining parcels may also be available at this time. City staff proposes <br /> meeting with the owners or representatives of the parcels to determine their <br /> "formal" interest in selling the parcels. If such interest exists, the city would <br /> then offer each property owner a land purchase option for a period of 3 to 6 <br /> months. During that period the city would have a appraisal and an <br /> environmental phase 1 survey done and work with the property owner to <br /> establish a fair price for the property. <br /> 2.2 Also during this time, the city staff would prepare an RFP for <br /> redevelopment of the parcels and search for development companies <br /> interested in ingesting in the corners, based on the concepts and <br /> neighborhood design process described an the Cornerstone Program. <br /> 2.3 Funding for the options and the appraisals would come from the <br /> Livable Communities Grant which has a balance of $185,000 after 1997 <br /> program expenses. <br /> t <br />