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10/11/2005 - City Council Finance CommitteeAGENDA CITY COUNCIL FINANCE COMMITTEE MEETING TUESDAY OCTOBER 119 2005 4:30 P.M. EAGAN CITY HALL CONFERENCE ROOM 2A I. AGENDA ADOPTION H. UPDATE ON NEGOTIATIONS OF CEDAR GROVE REDEVELOPMENT DISTRICT DEVELOPMENT AGREEMENT III. DISCUSSION OF POSSIBLE ACQUISITION OF MULUCAHY PROPERTY IN CEDAR GROVE REDEVELOPMENT DISTRICT IV. OTHER BUSINESS V. ADJOURNMENT ,A0, 4TP1' City of Eagan demo TO: TOM HEDGES, CITY ADMINISTRATOR FROM: JON HOHENSTEIN, COMMUNITY DEVELOPMENT DIRECTOR DATE: OCTOBER 612005 SUBJECT: COUNCIL FINANCE COMMITTEE MEETING OCTOBER 11, 2005 UPDATE ON NEGOTIATIONS OF CEDAR GROVE REDEVELOPMENT DISTRICT DEVELOPMENT AGREEMENT In follow up to the Finance Committee direction at its meeting of September 20, staff and the consultants have continued negotiations with Schafer .Richardson and is narrowing the number of open issues left to complete an agreement in principle in time for the October 18 deadline. Negotiations have been held on September 20 and 29t and October 4. At Tuesday's Committee meeting, staff will be present to provide an update on the negotiations, additional background and respond to committee questions and to discuss options for moving forward. DIRECTION REQUEST OF THE COMMITTEE: To receive an update and provide feedback relative to next steps regarding the Cedar Grove Redevelopment District Development Agreement, including establishing a revised deadline. DISCUSSION OF POSSIBLE ACQUISITION OF MULCAHY PROPERTY IN CEDAR GROVE REDEVELOPMENT DISTRICT Among the property owners to approach the City requesting consideration of acquisition is the Mulcahy Company, owners of the properly outlined on the attached site map. Even though it shows up as two parcels, it is actually a single property, because it was never subdivided when the right of way for Hwy 13 was acquired. The owner would like the City to buy the property for redevelopment purposes. Originally, the owner proposed a price of $4/foot for the northern parcel and $9/foot for the southern parcel or a combined total of $1.14 million. Staff and the City Attorney responded that the northern parcel can be developed without assistance upon subdivision and the south portion will likely need to be assembled with other properties to implement the Core Area Redevelopment flan. As such, the City's primary interest would be in the southern parcel. Mulcahy indicated that, if the City would consider buying the entire property, they would sell the entire parcel for $5/foot or approximately $1.07 million.