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West Fargo approves purchase and leaseback agreements for properties near I-94/20th Street interchange site
Summary
The commission approved purchase agreements and nominal rental-back terms to acquire properties owned by Hazer Ventures and Dwayne Hazer for a future interchange; commissioners said economic development sales tax will fund the purchases and special assessments transfer with the property.
The West Fargo City Commission approved purchase and rental-back agreements for three properties owned by Hazer Ventures and Dwayne (Duane) Hazer at its April 21 meeting, to secure land anticipated for a future interchange at I-94 and 20th Street West.
City Engineer Dan Hansen said the acquisitions follow direction the commission gave staff in November to negotiate purchases of the parcels. Two purchase agreements are for properties owned by Hazer Ventures and one is for property owned by Dwayne Hazer; Hansen gave combined pricing in the packet and during discussion. Commissioners and staff referenced purchase amounts of $929,000 for the Hazer Ventures property group and $715,000 for the property owned by Dwayne Hazer; the commission and staff treated the combined total as about $1.6 million. Hansen said special assessments on the parcels will transfer with the properties as part of a purchase and that the city intends to use economic development sales tax revenues to fund the acquisitions.
The purchase agreements include a rent-back provision allowing the sellers to lease the properties from the city for $1 per year for up to five years, with the city able to give one year’s notice to terminate beginning after year four. Hansen said the timeline acknowledges that federal and state processes for interchange projects take multiple years and that immediate eviction is not planned.
Commissioner Olsen moved to approve the agreements; Commissioner Anderson seconded and the motion passed by voice vote. Hansen said terms and prices matched those presented to the commission on Nov. 4, 2024.
