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6.4 EDSR 02-18-2014 4E -. Request for Action River To Item Number Economic Development Authority - 6.4 Agenda Section Meeting Date Prepared by General Business February 18, 2014 Jeremy Barnhart,Deputy Director, CODD Item Description Reviewed by FAST Study Land Purchase Reviewed by Action Requested Direct staff to outline a plan to fund and acquire property purchases. Background/Discussion In January, the EDA directed staff to research the purchase of property to facilitate the implementation of the FAST study. The FAST Study, completed in 2010,identified a long term street network, the development of which will require acquisition of privately owned parcels. In the FAST study, the intersection of 165th and Highway 10/ 169 will close, and a new intersection at about 166th generally south of Broadway Pizza will be developed. This intersection will establish traffic patterns for the businesses in the area linking Highway 10 with Twin Lakes Road on the east and Yale Court on the west. Long term,the intersection at 166th will be reconstructed as an interchange. Once the interchange is created, all at grade intersections,including 165th, 167th, and 1715`will be removed. There are several parcels necessary for the implementation of the plan,highlighted in red in the Transportation parcels attachment. One is currently for sale, the 1.45 acre "Yale Court property" or Parcel# 75-784-0120. The property owner is requesting$350,000 for the property, or about$5.54 a square foot. The assessed value of the project for 2014 is $173,700. It has $6,102 in Special Assessments. Financial Impact Asking price is $350,000 or about$5.54 p/sq. ft. Attachments • FAST Transportation parcels fe ■ EIEI I ? NATURE itsiUtin I c, A'0 Y a -c 11y �S' y S: % �' .y €sue Ella River -it 4X��Q:7 r f N , Legend•� �, ) � � .�. ,'r' � ,_� City Limits g "T 'k" Urban Service Area '�` `.��-~S,t �� .� �gz -',� : � �; Parcels(10-1-2013) ` r " x Park Areas t i � _ li „.„ , 44 !„...?„ -, . 11111. 1 .,.. . I, Is L , - . .m, ..,_., ftiAV7lL'JGT7 a • , r G,,. ,_JVI, .., . .. 1 - . :.: . __ . _ ' FAST transportation parcels Disclaimer. This drawing is neither a legally recorded map nor a survey and is not intended to be used as one.This drawing is a compilation of records,information,and data 0 475 Feet located in various city,county,and state offices,and other sources affecting the area shown,and is to be used I ©Bolton&Menk,Inc-Web GIS 2/12/2014 11:16AM xenon reference purposesonly.The ere of Elk River is not ncihle fnr anv inacruraries herein rnntalnM.