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St. James EDA approves purchase of about 15.73 acres on 12th Ave S for housing development
Summary
The St. James Economic Development Authority approved buying roughly 15.73 acres from Bob and Anne Sorenson at $12,000 per acre, payable over three years with 5% interest; the City Attorney will draft the purchase agreement for the board to review.
The St. James Economic Development Authority on April 14 approved buying approximately 15.73 acres from Bob and Anne Sorenson as part of a phase 2 housing proposal.
Board member Mark Johnson moved to approve the purchase at $12,000 per acre, to be paid over three years with a 5% interest rate; Travis Elg seconded the motion, which carried 4-0. Economic Development Director Brianna Sanders told the board this area would be suited for housing development and that the attorney will prepare a purchase agreement for the board to approve once drafted.
The land purchase follows discussion that developers seeking multi-family projects had requested larger lots—generally 5 to 7 acres each—and Sanders identified the Sorenson parcel as matching those needs. The approved payment structure yields an approximate total principal of $188,760 for the parcel under the agreed per-acre price and acreage estimate.
Next steps: the City Attorney will draft the purchase agreement and other closing documents; the board will consider and approve those documents when presented. The board did not set an immediate development plan or award contracts for construction at this meeting.
