The Community Development Authority (CDA) Board voted 6-0 Wednesday, Jan. 23, to sell Edgewater Manor, 1450 Water St., by soliciting sealed bids from interested parties.
City staff will now work to write a request for proposals (RFP) that the CDA will release with a 60-day window allowing potential investors a chance to do their due diligence and get proposals submitted.
Mayor Andrew Halverson, CDA chair, said an RFP will ask potential developers to name a purchase price, an intended use for the property, how much added investment they will put into the project, how parking will be accommodated, how much tax increment financing is being requested, how existing tenants will be accommodated, and evidence of a personal or bank guarantee of financing for the project. He said the CDA will reserve the right to reject all bids and start over.
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