1. Abatement hrg/Kmart Corp. - Laserfiche WebLink

= ,,~::;, '-C~'~\'~-.:~'::...'_ :,>~-=-=-.:...~~-,- ," ".' .~-'"~. - ~- Remarks: This property is located on the south side of Coon Rapids Blvd. approximately 3.6 miles northwest of the Highway 610/Coon Rapids Blvd. interchange. The site h~<: limited visibili,ty I from Coon Rapids Blvd., the neighborhood's primary thoroughfare. ThiS is due to the positioning I of the retail :md service establishments which front along Coon Rapids Blvd. including White . Castle, Taco Bell, Kentucky Friend Chicken (closed I for sale), Acapulco Restaurant and the First Community Credit Union. The property is located in a declining retail neighborhood. cM~ 6~ 6vL&'5~. I vt ~:..;. 't- ~~~ COMPARABLE BUILDING SALE #5 <i:rs I J:IiI'Sl - Con~ I A. uP ~ o ~~l) )'~""~ /;/tLSOtt!)f!)O 9f - ~~\(:,o ~,vvO -<::.-., Negligible .~ ~.~O psf of gross building area S,tfb Sale Price: - 6...4 ~ - Unpaid Special Assessr.nents: Total Price: Unit Price: The store was idled in Qctober of 1998 and a new, 136,000 sq. ft. Target Greatland store was built in the Riverdale Commons developmetn approximately 1.5 miles northwest of the property : near Highway 10 and Round Lake Boulevard. The improvements consist of a single-story Target department store building with a gross building area of 119,015 square feet. The improvements were constructed in 1972. A stockroom addition measuring approximately 9,000 sq.ft. was built in 1988. The building was originally designed as a Target department store with a grocery. The Applebaum's grocery store was located to the west of the existing entrance. The grocery has been closed since the early 1970's and the space converted to stockroom. Overall, the property is in excellent condition. A new rubber membrane roof wasL.'1Stalled in 1996. This property and the adjacent Coon Rapids Village shopping center are parties to a Reciprocal Easement Agreement (REA) which expires in December of 2029. The REA governs the manner in which the common areas can be used and imposes use restrictions with respect to the improved properties or any subsequent developments. No use other than commercial and/or retail sales service uses are allowed. Such uses include, but are not limited to, financial institutions, brokerage offices, travel and other agencies and similar service establishments. According to the broker, the REA restrictions have made it difficult to market the property. One prospective buyer who intended to convert the property into an office/warehouse with light manufacturing offered $2,150,000. However, the shopping center owner would not agree to the use and the deal fell through.