6.3 EDSR 05-19-2014 hkl Request for Action
River
To Item Number
Economic Development Authority 6.3
Agenda Section Meeting Date Prepared by
General Business May 19, 2014 Jeremy Barnhart, Deputy Director, CODD
Item Description Reviewed by
FAST study implementation
Reviewed by
Action Requested
Receive update
Background/Discussion
At the March meeting, the EDA directed staff to obtain an appraisal of the Yale Court property, as well
as complete a feasibility study for the development of the street connection between Yale Court and
170th, associated with the implementation of the FAST study.
The property has been appraised by Home Value Appraisals at$68,000, substantially less than the
owner's original asking price of$350,000.
Within the next week, staff, an interested developer, and the property representative will be meeting to .
discuss options related to a potential project on the vacant land adjacent to and possibly including the
subject parcel. Staff is approaching that meeting as an opportunity to partner toward a mutually
beneficial outcome: sale of the property for development, and the creation of an important road
connection. Staff does not recommend any action by the EDA in advance of that meeting.
The engineering study of the surface road network on the west side of Highway 10 remains on schedule
for an August report.
Financial Impact
None.
Attachments
• Appraisal dated April 26, 2014
P 0 I E R E 1 I T
NATURE