CR 91-04 Sale Of 902 Mainstreet To Marcus Corporation
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December 28, 1990 0 P K \ ~ i Council Report: 91-4
PUBLIC HEARING CONCERNING
SALE OF PROPERTY AT 902 MAINSTREET
TO MARCUS CORPORATION
Proposed Action.
Staff recommends the adoption of the following motion: Move to approve
the sale of a portion of 902 Mainstreet to Marcus corporation.
Overview.
In 1988, the City of Hopkins Housing and Redevelopment Authority sold
the property located at 906-908 Mainstreet to Marcus corporation.
Marcus Corporation subsequently renovated the building on this site
and constructed a stair and elevator tower on the property to the east
owned by the HRA.
In order to construct this tower Marcus obtained an easement from the
city for the stair/elevator tower. However, in order to facilitate
the payment of property tax by the developer attributable to the
stair/elevator tower, the City attorney has recommended that the
ownership of this property by transferred to Marcus Corporation.
."'. Du::ing the month of N?vember the Planning Commission app:r;oved of the
. . Walver of Plat for th1s parcel to be conveyed. The HRA1S scheduled
to consider the same action at its January 8 meeting.
Primary Issues to Consider
o Why is the HRA/City Council transferring the subject property
to Marcus Corporation? I
o What are the implications of the transfer?
o What will the cost of the transaction be?
supporting Information
o Site Plan 0 Alternatives
o aly' 0 sues
Specialist
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... PUBLIC HEARING - SALE OF PROPERTY
CR: 91-4
Page 2
Primary Issues to Consider
Based on the above information the City Council/HRAhas the following
issues to consider:
o Why is the HRA/City Council transferring the subject property to
Marcus Corporation?
originally an easement was given to Marcus Corporation for the land on
which the' stair / elevator tower was constructed ~ However, there are
two problems that relates to the easement agreement:
1. The easement does not detail the issues of the payment of
real estate taxes on the subject property directly
attributable to the elevator/stair tower improvement. If the
property transfer does not occur a revision to the easement
agreement will probably need to be executed which specifically
details the requirement of the developer to pay property
taxes.
.. ~'. 2. Under a. n amended easement agreement tho e HRA,. which receives
the property tax statement, will have to manually calculate on
an annual basis the amount of taxes attributable to the
elevator/stair tower. This amount would than have to be
billed to Marcus Corporation for payment.
The city Attorney has advised staff that a much simpler approach is to
transfer ownership of the property to Marcus corporation. with this
action Marcus would' be taxed by the County on an annual basis for
these improvements. The City staff would not have any involvement.
o What are the implications of the transfer?
Basically, there will be no major change from what presently exists.
Instead of an easement for the stair tower, Marcus would own the
property. The use of the property would remain the same.
The remainder of 902 Mainstreet still can be developed in the future.
However, at this time the Mainstreet reconstruction project has
identified this property as a park/courtyard.
As part of the deed, the city attorney will also be requested to place
a covenant on the subject property to be transferred which states the
following:
:.. 1. The land will revert back to the HRA at such time as the
existing use is terminated.
2. The subject property shall be subject to compliance with all
aspects of the development agreement between the Hopkins HRA
and Marcus Corporation dated November 14, 1990.
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. PUBLIC HEARING - SALE OF PROPERTY
CR: 91-4
Page 3
0 What will the cost of the transaction be?
It is proposed that the HRA transfettitle of the property to the
developer for $1.
Alternatives
Based on the above information the city CounciljHRA has the following
alternatives:
1. Move to approve the sale of the property to Marcus
Corporation.
2. Deny the sale-of property to Marcus Corporation. IBy denying
the sale of property, the City CounciljHRA will pay the taxes
for the area the stair/elevator tower is constructed on unless
other arrangements can be made with Marcus Corporation.
. 3. Continue the item for further information from. If the
HRAjCity Council indicates further information is needed, the
item should be continued.
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