Background:
Resolution 16-HCRRA-0010 declared property located at 24 2nd Avenue North (also known as the Heritage Landing parcel) in the City of Minneapolis (PID 22-029-24-14-0634) surplus and authorized staff to proceed with disposal of the property. This 3.06 acre parcel of vacant land, currently used as a surface parking lot, is situated adjacent to the Federal Reserve Bank of Minneapolis’ (Federal Reserve) office building. The location of this property is highlighted on Exhibit 1.
After the Hennepin County Regional Railroad Authority (HCRRA) Board declared this property surplus, the Federal Reserve indicated an interest in purchasing the Heritage Landing parcel. Direct negotiation and sale to a government entity is consistent with HCRRA policy. A non-binding Letter of Intent between the Federal Reserve and HCRRA has been negotiated.
The Federal Reserve has indicated that it intends to develop the site to support the current operations of the Federal Reserve.
Current Request: This request seeks authorization to negotiate Purchase Agreement A177842 with the Federal Reserve for the sale of surplus property located at 24 2nd Avenue North in Minneapolis for an estimated receivable of $7,500,000.
Impact/Outcomes: Approval of this request will allow for the disposition of surplus property not needed for county use and the sale of the Heritage Landing parcel for its redevelopment.