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EDA pauses Lake Lane listing for 30 days to seek input from adjacent owners and realtor
Summary
The Lindstrom Economic Development Authority voted to pause action on listing an EDA‑owned house on Lake Lane for 30 days so staff and a local realtor can contact adjacent owners and gather information about development plans and interest. The pause followed staff testimony that holding the house costs roughly $25,000 a year.
The Lindstrom Economic Development Authority voted April 8 to pause for 30 days on moving forward with a listing agreement for an EDA‑owned house on Lake Lane while staff gathers more information from adjacent property owners and the realtor the city contacted.
Dan, a staff member who presented the item, told the EDA that the property “costs about $25,000 a year” when debt service (about $20,000), taxes (about $3,500), insurance (about $1,300) and utilities are totaled. He said the previous renter paid $1,900 a month, which netted roughly $21,000 a year after management fees, and that the EDA has not historically budgeted for repair and maintenance on rental properties.
Board members pressed for a clearer strategy before listing. Some urged staff to approach adjacent owners first — including the owners of Elms Estates and Caroline Norilius’ parcel — to see whether they would buy or incorporate the parcel into a larger development package. Other members argued for using an independent, licensed listing agent to preserve an arms‑length process and to handle broader market outreach.
After discussion about legal safeguards and commission compensation for an agent, a member moved to pause the decision for 30 days so staff and the realtor can contact adjacent owners and return with findings. The motion carried by voice vote.
Why it matters: The EDA is weighing whether to sell a small parcel that staff and members said is unlikely to drive redevelopment on its own, but that could be strategically paired with neighboring parcels to create a commercially viable site. Staff said the EDA is currently spending a sizable share of its budget to hold city‑owned properties and wants to use proceeds from any sale to fund other economic‑development activities.
What’s next: Staff will contact adjacent property owners and work with the local realtor identified in materials to determine interest and any purchase‑agreement prospects, check legal considerations with the city attorney, and return to the EDA at the next meeting or within 30 days with recommendations and any proposed purchase agreements.
