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6.4 EDSR 09-15-2014 Elk Request for Action River To Item Number Economic Development Authority 6.4 Agenda Section Meeting Date Prepared by General Business September 15, 2014 Jeremy Barnhart, Deputy Director, COD Item Description Reviewed by Professional Service Bureau lot purchase Reviewed by Action Requested Receive information related to Professional Service Bureau's purchase of a portion of Northstar Business Park and provide direction regarding initial work on the property,including authorization to prepare plans and applications as the owners agent. Background/Discussion Since this spring, the city has been working with PSB to accommodate parking for their growing business. They have developed plans to purchase approximately 1.3 acres of Lot 1,Block 1, Northstar Business Park. This parcel will be joined with the existing PSB lot, and provide for approximately 111 parking spaces. This memo is intended to serve as an update, and seek direction regarding the sale of the property and authority to begin work. Ultimately, this lot (with the parking lot) will be attached to about 6 acres of Lot 1,Block 1,Northstar Business Park, to facilitate construction of a new building necessary to accommodate PSB growth. To facilitate this activity,a number of actions are necessary: 1. Selling the parcel. The EDA must approve selling the parcel to PSB. The price communicated is $2.00 per square foot. This is expected to occur formally on October 20th at the latest, though a special meeting may be considered. The Planning Commission must confirm the use of the property is consistent with the Comprehensive Plan, this is expected to occur on September 23rd. 2. Split the western 1.3 acres of Lot 1,Block 1,Northstar Business Park. This is done via the Administrative Lot split procedure, and is expected to occur at the October 6th City Council meeting. 3. Combine the western 1.3 acres with the PSB property, to allow the construction of the parking lot. 4. Approve the parking lot design,including access, drainage, lighting, and landscaping. This is done internally, as long as all of the requirements are met. P O W E H E O 8 Y Template Updated 4/14 NATURE The applicant strongly desires to get the parking lot started and finished prior to asphalt plants closing in the fall. To facilitate this, the applicant seeks permission to begin grading operations. Staff's concerns can be alleviated by the completed purchase agreement at$2.00 per sq.ft. and the provision of an escrow to return an abandoned project back to predevelopment conditions. This amount will be determined by the city engineer. 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