HomeMy WebLinkAbout2017 07-24 EDAPResolution Approving the Conveyance
of Certain Property located at 6330
Camden Avenue North
EDA Meeting
July 24, 2017
Agenda Item 4.a
Open Pond
Underground
Storm Water
Chamber System
Regal Cinema
Pad Site 2
Location &
Aerial
Map
Pad Site 3
On May 22, 2017, the EDA considered the acquisition of 6330
Camden Avenue North as part of an overall strategy to enhance
the planned redevelopment of the Regal Theater Site and facilitate
a land exchange with the developer that would provide the EDA
with options to maximize opportunities associated with the future
66th Avenue Interchange improvements
The EDA adopted Resolution No.2017-16, a Resolution Authorizing
the Acquisition of Lot 2, Block 1, Regal Road Development
Addition, Hennepin County, Minnesota to Facilitate
Redevelopment Opportunities within the Northwest Quadrant of
the I-694 and Hwy 252 Interchange (6330 Camden Avenue North)
BACKGROUND
On June 26, 2017, the City Council considered Planning Application No. 201-003 submitted by TOPGOLF USA Brooklyn Center, LLC. and moved to adopt the following Resolutions:
Resolution No. 2017-100 amended the PUD to allow the redevelopment of a commercial recreational/entertainment use consisting of a 65,000 square foot, three level facility with 102 hitting bays, a 50 table restaurant & lounge, a 3,000 square foot roof terrace, a 3,000 square foot event area and a 220 yard driving range with 11 outfield targets.
Resolution No. 2017 -101 approved a Preliminary Plat for the replatting of Regal Road Development to consolidate the Regal Theater Site with 6330 Camden Ave N. and create a new 1.62 acre parcel for the property exchange with the EDA.
Resolution No. 2017-102, Approved the Site and Building Plan (Development Plan) for the Proposed Topgolf Commercial Recreation/Entertainment Building and Golf Driving Field Within the Regal Road Development 3rd Addition Planned Unit Development (Located at 6330 and 6420 Camden Avenue North)
BACKGROUND CONTINUED
The City Attorney has prepared the land exchange agreement which includes the terms and provisions for the land exchange of the EDA’s parcel ( 6630 Camden Ave. N.) to the new created parcel which included the following conditions:
The EDA closing on its acquisition of the EDA Parcel no later than July 21, 2017.
Topgolf closing on its acquisition of the Topgolf Parcel.
Approval of the conveyance of the EDA Parcel to Topgolf by the EDA’s governing body after a public hearing required by law, which public hearing shall take place within thirty (30) days of the date of this Agreement.
Both parties having determined that they are satisfied with the result of and matters disclosed by their investigations, surveys, soil tests, engineering inspections, hazardous substance, and environmental reviews of the parcel that they are acquiring pursuant to this Agreement.
Topgolf having obtained all appropriate approvals necessary for Topgolf’s proposed use of the EDA Parcel, including, but not limited to, preliminary and final plat approval.
Land Exchange Agreement
The resolution includes findings and a determination for the EDA’s
consideration that conveyance of the Property to the Buyer (Topgolf)
is in the public interest and will further the objectives of its general
plan of economic development, because it will increase the Tax Base
in the City and serve as an impetus for further development.
Notice of this public hearing was published in the July 13th edition of
the Official Newspaper.
Resolution Approving the Conveyance of Certain
Property located at 6630 Camden Avenue North.
The acquisition of 6330 Camden Ave. North occurred on July 19th with funds from Tax Increment Financing District No. 3 as an eligible out-of-district expenditure.
The land exchange provides for an equal exchange of property area and positions the EDA to assist in the transportation improvements and redevelopment opportunities in the south west quadrant of the future Highway 252 and 66th Avenue Interchange
The Regal Theater site is located within Tax Increment Financing District No. 3, which is scheduled to expire in 2021. The current assessed valuation of the Regal Theater’s and its northern parking area is approximately $7.2 M. The construction of the Topgolf facility is projected to exceed $20 M and provide approximately 450-500 jobs.
BUDGET ISSUES
Open the Public Hearing;
Take public input;
Close the Public Hearing;
Adopt Resolution Approving the Conveyance of Certain Property -
located at 6330 Camden Avenue North
RECOMMENDATION