7. HRSR 01-02-2007fiver
MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Development G~~
DATE: January 2, 2007
SUBJECT: Discuss Reduced Sale Price for Property Described as 356 Jackson Ave
Attachments
• Correspondence from listing agent, re: Reduced Price (356 Jackson Ave NW), dated
December 11, 2006.
• Listing Profile for 356 Jackson Ave NW, LandCor Companies, dated August 22, 2006.
• HRA October 2, 2006 Meeting Minutes.
Issue
At its October 2006 meeting the HRA reviewed the attached listing profile dated August 2006 for
the property located at 356 Jackson Avenue. It was the consensus of the HRA not to consider
acquisition of the property due at that time due to the limited resources and the undetermined
redevelopment potential of the property until the Downtown Redevelopment Plan is completed.
Staff notified the listing agent of the HRA's discussion. Most recently staff received new
information from the agent, who requested the HRA's reconsideration with the reduced price as
noted on the attached correspondence.
Staff requests the HRA's direction on this issue.
S:\Downtown Revitalization\Memos\2007\1.2.07 circlec.doc
Page 1 of 1
Mehelich, Catherine
From: Teresa Tschida [ttschida@landcorinc.com]
Sent: Monday, December 11, 2006 3:20 PM
To: Mehelich, Catherine
Cc: tkrejci@landcorinc.com; Ken Beaudry
Subject: Reduced Price (356 Jackson Avenue NW)
December 11, 2006
Via Email Only
RE: 356 Jackson Avenue NW, Elk River
Sale/Lease Listing (LandCor, Inc.)
Hi Cathy,
Confirming our telecom today, we have reduced the list price on 356 Jackson Avenue NW, Elk River from
$389,900 to $299,900.
Would you please forward this information on to Mayor Stephanie Klinzing? If the City (HRA) has interest in
purchasing this property, we will need their response by January 3 please.
LandCor will be posting the reduced list price on this property. The City of Elk River has first notice on this.
I look forward to talking with you after the holidays on January 3.
Happy Holidays!
Teresa Tschida
Senior Leasing Director
LandCor Companies
9325 Upland Lane N, Ste 300
Maple Grove MN 55369
Tel (763) 463-8817
Fax (763) 463-8837
Cell (763) 442-2362
Email: ttschida landcorinc.com
http://www.landcorinc.com
h tt~://www. ots~_owaterfront.com
This email is intended for the use of the individual or entity to which it is addressed and may contain information that is privileged,
confidential and exempt from disclosure under applicable law. If the reader of this email message is not the intended recipient, or the
employee or agent responsible for delivery of this message to the intended recipient, you are hereby notified that any dissemination,
distribution or copying of this communication is prohibited. If you have received this email in error, please notify us immediately by
telephone at (763) 463-8800 and also indicate the sender's name. Thank you.
12/12/2006
Listing Profile -Long
7
c 1 landtor Companies
Prepared For:
City of Elk River
Catherine Mehelich
8/22/2006
Prepared By:
Teresa Tschida
(763) 463-8817
356 Jackson Ave NW
356 Jacksoh Ave NW
Elk River, MN 55330
Northwest
#1
Property Detail Availability
Building Size 1,344 SF Sale Type Inv. or Owner/User
Specific Use Conv/Strip Ctr Price $389,900
Status Existing Price/SF $27.97 /SF
Year Built Available SF 13,939 SF
Parking Ratio /1000 Vacant SF 13,939 SF
Cap Rate
Major Tenants Nol
utd
Lisfing Notes
Former use convenience store and gas station. Pumps and tanks not included. Seller will remove tanks at his expense. Property sold "as is".
Coolers in place and other FF & E for convenients store operations. For showings call agent. 3% fee to Buyer Broker.
Contact Information
LandCor, Inc.
Teresa Tschida
Listing ID 145269
PropertylD 443460
(763) 463-8817
Last Modified 08/11/2006 13:15:40
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
responsibility to independently wnfirm its accuracy.
Listing Profile-Long Page 1 Of 2 August 22, 2006
Listing Profile -Long
7
C ~ LandCor Companies
Prepared For.
City of Elk River
Catherine Mehelich
8/22/2006
Prepared By:
Teresa Tschida
(763) 463-8817
356 Jackson Ave NW
356 Jackson Ave NW
Elk River, MN 55330
Northwest
#2
Property Detail Availability
Building Size 1,344 SF Available SF 1,344 SF
Specific Use Conv/Strip Ctr Vacant SF 1,344 SF
Status Existing Maz Contig 1,344 SF
Year Built Min Div 1,344 SF
Parking Ratio /1000 Lease Rate $29.47 Gross
Sale Type Inv. or Owner/User
Major Tenants Price $389,900
utd Price/SF $27.97 /SF
Listing Notes
Former use convenience store and gas station. In the event of lease, lessor to retain rights and ownership of pumps/tanks and metered sales.
Coolers in place and other FF&E for convenience store operations. For showings call agent. 7/6/5/4/3% X1.5 split 50/50 commission on NNN
rent.
Contact Information
LandCor, Inc.
Teresa Tschida (763) 463-8817
fisting ID 217227
roperty ID 443460
Last Modified 08/11/2006 13:16:10
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
responsibility to independently confirm its accuracy.
Listing Profile-Long Page 2 Of 2 August 22, 2006
Housing & Redevelopment Authority Page 4
October 2, 2006
COMMISSION BE CONSIDERED FOR THE PURPOSE OF
PREPARING THE REDEVELOPMENT PLAN.
3. CONTRACT WITH EHLERS AND ASSOCIATES FOR FACILITATION
OF THE REDEVELOPMENT TASKFORCE MEETINGS.
MOTION CARRIED 5-0.
C' 8. / Information-Sale Listing for Property Described as 356 Jackson Avenue
Ms. Mehelich provided information regarding a newly listed property at 356 Jackson
Avenue. She stated the HRA would have limited resources to purchase this property.
Commissioner Toth stated the property should be left on the market to gauge the private
market interest in it.
The Commission indicated they had no interest in purchasing the property at this time.
Other Business
There was no other business.
10. Adjournment
There being no further business, Chair Wilson adjourned the meeting of the Elk River HRA
at 5:40 p.m.
Tina Allard
Recording Secretary