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Consider Resolution HRA 18-2 Approving Purchase Agreement, 540 Coon Rapids Boulevard
Matt Brown, Economic Development Coordinator
The HRA is asked to consider a resolution approving a purchase agreement and authorizing purchase of vacant land located at 540 Coon Rapids Boulevard.
Over the last several years, City Staff have worked with Anoka County and the State of Minnesota to identify ways of improving access to and from eastbound Highway 610 at Coon Rapids Boulevard in the long term. About five years ago, the City retained a consultant to develop interchange concepts and Staff has continued to discuss options with County and State officials. Earlier this year, the Council identified improving traffic circulation in this area as a top legislative priority. Long-term transportation improvements in this area have the potential to improve the economic viability of development and facilitate future redevelopment.
Currently owned by Shamrock Development, the property at 540 Coon Rapids Boulevard is an approximately 5.04-acre vacant site at the southeast corner of Coon Rapids Boulevard and Foley Boulevard. The interchange concepts that have been developed generally involve acquisition of at least a portion of the site. Staff has negotiated a purchase price of $768,264 for the property, or approximately $3.50 per square foot, which Staff believes is a fair price. The HRA would purchase the property from Shamrock and hold it for future transportation improvements. During the due diligence period, Staff will complete an environmental review and soil borings to ensure that the land is suitable for road improvements, as well as potentially a future water tower. Closing is expected to occur by June 30. Because it is unlikely that the entire site would be needed for road improvements, the HRA could eventually sell a portion of the site for development. Sufficient funds exist in the HRA account for this purchase.
Staff recommends that the HRA adopt Resolution HRA 18-2 approving a purchase agreement and the purchase of the property at 540 Coon Rapids Boulevard.
Resolution HRA 18-2
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