DATE: April 2, 2019
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Mitzi Baker, Community Development Director
Title
Closed meeting pursuant to Minn. Stat. § 13D.05, subd. 3 (c) to develop or consider offers or counteroffers for the purchase of real property located at 510 Washington Street South.
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board will be meeting in a closed session to consider offers or counteroffers for the purchase of real property located at 510 Washington St. S.
BACKGROUND:
Staff has been in contact with the property owner of 510 Washington, and the owner has expressed willingness and support for the EDA to acquire the property. Staff believes that the EDA acquiring this property is a strategic move for redevelopment of the southwest corner of Washington and 5th. Furthermore, this property provides an opportunity to collaborate with the Housing and Redevelopment Authority (HRA) as a temporary workforce housing strategy while redevelopment prospects are explored with the private market.
Attached to this report is the property file through the Rice County parcel data system.
Staff will be presenting opportunities for the EDA review at the meeting.