Last week at their February 12 meeting, the City Council took the final actions it needed to take in order to sell a parcel of City-owned property to Presbyterian Homes, which is putting together a larger overall real estate deal that will redevelop the Broadmoor-Castle Ridge property on Prairie Center Drive.
It takes equal parts patience and diligence to get deals like this completed. I thought for today’s post that I’d share the historical time line for this deal:
December 2005 Received first of many calls from John Mehrkens asking about whether we would consider selling our parcel for a future redevelopment
May 5, 2006 Received three development proposals & purchase offers and decided to sell to Presbyterian Homes
May 19, 2006 First major meeting w/Pres. Homes (Janet, Steve, Molly, Scott Kipp, Mike, Randy and I)
January 16, 2007 After seven more major meetings with Pres. Homes a purchase agreement is approved by our CC
May 5, 2007 First amendment to purchase agreement – closing extended to September 2007
October 2, 2007 Second amendment to PA – closing extended to January 18, 2008
October 8, 2007 Project approved by Planning Commission
November 13, 2007 Project approved by Council
January 8, 2008 Third amendment – closing extended a week to January 25, 2008
January 23, 2008 Fourth amendment approved extending the closing date to February 15, 2008
February 15, 2008 The money is transferred to the City!
And how much money are we talking about here? Exactly $2,989,323.35. The money is in our Economic Development Fund, for now. The City Council will make the ultimate decision about how to use this money at budget time.
Hats off to the City staff that worked hard to make this deal happen for the City: Janet Jeremiah, David Lindahl, Molly Koivumaki, Mike Franzen, Scott Kipp, Randy Newton, City Attorney Ric Rosow and others. Great work on a job well done!
