FACILITIESAPPROVED

St. James Economic Development Authority Minutes April 14, 2026

EDA Approves Three-Year Land Purchase from Sorensons

approximately $188,760HRA of ST. JAMES, MINNESOTASORENSON, BOB AND ANNEApril 14, 2026

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Description

The St. James Economic Development Authority approved a land purchase of approximately 15.73 acres from Bob and Anne Sorenson for about $188,760, payable over three years at 5% interest. The property will support Phase 2 housing development along 12th Ave S.

Contract Details

Contract Amount

approximately $188,760

Vendor

SORENSON, BOB AND ANNE

Agency

HRA of ST. JAMES, MINNESOTA, MN

Contract Type

FACILITIES

Document Date

April 14, 2026

Contract Term

3 years

Renewal Date

2029-04-14

Renewal Info

Purchase price set at $12,000 per acre with payments over three years at 5% interest; formal purchase agreement to be drafted by the City Attorney and returned to the EDA for approval.

Issuing Agency