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Lake Elmo to hire broker, refresh AUAR and launch public outreach for west-side parcels
Summary
Council signaled support for hiring a commercial broker to market Parcel 1, asked staff to refresh the site AUAR (estimated $50,000–$60,000, ~180 days) and approved a community engagement schedule beginning in April with surveys, open houses and a July findings report.
The Lake Elmo City Council directed staff to move forward on market preparation for three west-side parcels, endorsing hiring a commercial broker for Parcel 1 and refreshing the site AUAR so future developers avoid environmental-review delays.
Presenter (project staff) told the council there are five scenarios for the site and that brokers typically market rail-adjacent properties to maximize value. "They could give us a good idea of what the market looks like, field all the interests on the property, try to maximize the value of the property," the Presenter said, noting commission expectations of about "2 to 3% as a seller" and higher if buyer-side commissions apply.
Why it matters: the council owns one parcel that could attract mixed commercial and residential development. Updating the AUAR and hiring a broker are intended to shorten timelines for developers, reduce future review costs and help the city shape desired outcomes (density, unit types and commercial frontage).
Presenter said an AUAR previously completed for the Cypress project expires in March 2027 and that consultants provided a renewal estimate of "about 50 to 60,000" and "it takes about 180 days to complete," with the cost expected to be reimbursed by a future developer. Council members generally supported requesting pricing from Bolton (and other firms) and returning with comparable quotes and qualifications.
Councilors discussed alternatives to a broker, including an RFP approach. Several members said an RFP may make sense for Parcel 3 but that Parcel 1 would benefit from a broker's market expertise and speed. "I'm a 100% on board for that," the Mayor said in support of hiring a broker.
Staff outlined an outreach timetable: begin web updates and an online survey in April, hold open-house/town-hall events and solicit public feedback through the EDA and planning commission, then publish a findings report in July and market Parcel 1 in the fall.
Next steps: staff will obtain AUAR renewal pricing, obtain broker comparables and post outreach materials on the project web page. The council signaled direction to proceed; no formal ordinance or vote was recorded at this meeting.
