Minnco Credit Union is looking to purchase an outlot owned by the city of Cambridge for future construction of a new building.
During the Cambridge City Council meeting Nov. 4, Economic Development Director Stan Gustafson explained staff has been working with Minnco Credit Union and their attorney over the past several months on a potential purchase of 1.9 acres of property in the Spirit River Crossing Development, between Aldi and the Fleet Farm gas station and car wash on the east side of Cambridge.
Gustafson explained Minnco is offering $450,000, of which $10,000 is earnest money for the 1.9 acres for approximate site location. He said the expected closing date is approximately March 31, 2020.
Following discussion, the council approved the purchase agreement with Minnco Credit Union for the purchase of the 1.9 acres of property. The council also approved a proposal for survey and platting from ALTA Survey at a cost of $6,750 for the property. The cost of the survey will be paid out of proceeds from the sale.
Gustafson explained items and approvals that will need to take place include:
• Buyers contingency period for review of title being acceptable on or before Jan. 31, 2020.
• Closing on or before March 31, 2020.
• Surveying and platting the property, creating two lots.
• Preliminary and final plat would be approved by Planning Commission and City Council.
• Title commitment.
• Approval of purchase agreement and signed by both parties.
Gustafson said once the purchase agreement has been approved and signed by both Minnco and the city of Cambridge, title and survey work will begin.
Gustafason said Minnco will follow the easements, covenants, conditions and restriction for the construction of their new facility. Minnco will complete the construction of their facility within five years of the closing date.
Gustafson explained the site consists of 4.44 acres, of which 3.53 is buildable area. He said the approximately 1.63 acres remaining of the parcel will be marketed to other potential entities.
City Council vacancy
City Administrator Lynda Woulfe explained the council received six applications for the City Council vacancy created upon the death of Marlys Palmer.
The candidates for the vacant council position include Barb Kruschel, Roland “Rollie” Lange, Sharon Martens, Joseph Morin, Tom Schibilla and Randy Westby.
The council interviewed all of the candidates during the meeting with the exception of Martens. In her application, Martens explained she would be coming back to Cambridge during the evening of Nov. 4 from a long-planned trip to California.
The council approved a motion to conduct Martens’ interview at its Nov. 18 meeting and make a decision following her interview. The candidate who is selected will then take the oath of office at the Nov. 18 meeting.