HomeMy WebLinkAbout7.a. Purchase of Scattered Lots East of Highway 3 CITY OF ROSEMOUNT
EXLCIITIVE SIIN�lARY FOR ACTION
PORT AUTHORITY MEETING DATE: NOVEMBER 15, 1994
AGENDA ITEM: PURCHASE OF SCATTERED LOTS AGFNDA SECTION:
NEW BUSINESS
PREPARED BY: RON WASMUND, AGENDA NO.
COMMUNITY DEVELOPMENT DIRECTOR 7. A.
ATTACHMENTS: NONE APPROVED BY:
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From time to time staff hears about properties on Burma and Burnley Avenues
located east of Highway 3 and south of 145th Street West that are being
offered for sale. These properties are predominately residential .
As staff talks about redevelopment of downtown this area is included in the
downtown. It would be very beneficial for flexibility of plan as well as
elimination of some of the more maintenance intensive properties in the
city to consider acquisition of these properties on a voluntary sale basis.
The thought is that the port authority would purchase the properties when
available and lease them as rental properties. This theory will be good
only if we can find funding for the acquisition as well as the ability to
properly maintain the property.
For funding, we would most likely have to bond for the purchases on an
interim basis . As funds from tax increment or sale of business park land
become available we would offset the debt. It otherwise would be port
authority tax levy as a part of the general tax levy.
Management and maintenance would be provided through an agreement with
Dakota County HRA. They would use the properties as scattered site
assisted units. Though no agreement as such has been structured with the
HRA it is generally believed that they would be willing to enter into one.
This item is being brought to you for discussion and your reaction to the
concept. There are two properties that are reported to currently be for
sale. If there is an interest in exploring this, staff will hold
discussion with the HRA and more thoroughly explore financing options.
RECObIl�IENDED ACTION: Motion directing staff to structure financing
options and management agreements with Dakota County HRA and bring
details back to the port authority.
PORT AIITHORITY ACTION: