ED061499, CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
Approved EDA Minutes June 14, 1999
Regular Meeting City Hall
CALL TO ORDER- President Enck called the meeting of the Economic Development Authority to
order at 8:21 p.m.
ROLL CAIJ. Present: Enck, Cassen, Collier, Norby, Thompson
Staff Present: $ondrail, Hanson, Donahue, Leone, McDonald, Henry, Kern,
~ French, Jolmson
APPROVE MINUTES Motion was made by Commissioner Cassen, seconded by Commissioner
Thompson, to approve the Regular Meeting Minutes of MaY 24, 1999. All present
voted in favor. Motion carried.
7500 42~ AVE. N, President Enck introduced for discussion Item 4, Motion Accepting Appraisal and
IMP. PROJECT 474 Authorizing Staff to Negotiate with Property Owner Regarding Potential
Item4 Acquisition of Industrial Property Located at 7500 42"d Avenue North
(Improvement Project No. 474).
Mr. Kirk McDonald, Director of Community Development, stated the appraisal
conducted by BCL Appraisals was $432,000 compared to the owner's' appraisal of
$545,000. The 1998 valuation of the property is $195,000.
Mayor Enck questioned the disparity of the market value compared to the
appraised value. The EDA directed staff to inquire with Hennepin County.
The EDA unanimously supported the acquisition of the property.
Councilmember Cassen complimented BCL Appraisals for the thorough analysis of '
the property.
'MOTION Motion was made by Councilmember Cassen, seconded by Councilmember
Item 4 Thompson, accepting the appraisal and authorizing staff to negotiate for the
purchase of 7500 42~ Avenue North for an mount not to exceed $432,000. All
present voted in favor. Motion carried.
ADJOURNMENT Motion was made by Commissioner Cassen, seconded by Commissioner
Thompson, to adjourn the meeting. All present voted in favor. Motion carried.
The New Hope EDA adjourned at 8:25 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA June 14, 1999
Page 1