Development groups exchange property; Schott project moves ahead

Monday the Minneota City Council approved an exchange of property between the two community development agencies, ADOM (Area Development of Minneota) and the EDA (Economic Development Administration of Minneota), in an effort to help both agencies.

The EDA is purchasing the Industrial Park from ADOM as a contract for deed.

EDA makes a payment August 1 each year of $5,000 plus interest. After making the payment in August the remaining balance due is $40,000.

ADOM is also purchasing the old library building from the City of Minneota on a contract for deed.

The remaining balance of the principal and interest is $10,300 and is payable by August 1, 2018.

Kevin Anundson of ADOM, asked the city to pay off the balance on the industrial park property rather than extending the contract for deed.

They agreed.

Because ADOM now has the Schott property to repair and make ready to entice a business, the deal was necessary.

“Things are going pretty well right now. We have some repairs to make and next is the environmental assessment,” said Anundson.

When he asked the city to help, Anundson said ADOM could use the money saved for the Schott project.

IN ANOTHER action, the board approved the resignation of Duane Peterson of State Bank of Taunton from the EDA Board of Directors.

Bruce Bossuyt has agreed to become a board member to fill the vacated spot.

The council Monday approved Bossuyt as an EDA board member.